UK Unemployment Rate Higher Than Expected: Job Market Data

Published on April 16, 2024

The UK labour market continues to cool amid an unexpected jump in the unemployment rate of 4.2 percent in the three months leading up to February. Economists estimated the headline unemployment rate to be around 4 percent in the latest quarter. The above estimates rate has been lowering since the summer of 2023, only to start rising in October to December last year. The Office for National Statistics (ONS) data also showed that employment decreased in the latest quarter. In December 2023 to February 2024, the employment rate fell below estimates of a year ago, down to 74.5 percent. Liz McKeown, ONS director of economic statistics, said that both a fall in employment and in the total number of people on payrolls “were tentative signs that the jobs market is beginning to cool.”...

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