UK’s unemployment rate at a four-decade low

Thursday, January 25, 2018

UK unemployment fell by 3,000 to 1.44 million in the three months to November, official figures from the Office of National Statistics show.

The unemployment rate was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.

Vacancies reached an all-time high during October to December 2017, reaching 810,000 vacant positions.

But the growth in wages at 2.4% remained below inflation at 3.1% in November, leaving real wages lower than a year earlier. Average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) fell by 0.2% including bonuses, and fell by 0.5% excluding bonuses, compared with a year earlier.

Unemployment level, vacancy level and unemployment-to-vacancy ratio; ONS, Job Market; Job

Source: Office for National Statistics, Labour Force Survey, Vacancy Survey

West Midlands Labour Market

The West Midlands had the highest unemployment rate in the UK (5.5%) for the three months ending November 2017, however between June and September 2017, the West Midlands had the largest increase in workforce jobs in the UK at 55,000.

You can read the full report here


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