Unemployment Rate (UK)

Event Date: Tuesday, March 14, 2023
Event Time: 07:00 CET

Rate to Tick Up to 3.8%

Updated Sunday, March 12, 2023
The unemployment rate in Britain declined during the first half of 2018 from 4.3% at the beginning of last year to 4.0% in June and remained at that level throughout last summer. In September, it ticked one point higher to 4.1% and it remained at 4.1% in October as well. It remained unchanged at 4.1% in November and December, but in January the unemployment rate ticked lower to 4.0%. The unemployment rate is at 3.8% now after the decline shown in the report released in September, which was unexpected, but that won't change the fate of the GBP, due to Brexit and the average earnings figures which will be released at the same time. The unemployment rate jumped to 4.1% in July, while earnings have turned negative since May and posted a big decline of 1.2% in June and another one of 1.0% in July. Earning turned flat in August, while unemployment rate jumped to 4.5% and in September it increased further to 4.8%. In October it ticked higher again to 4.9%, while it is expected to jump two points to 5.1% in November, but came down again to 5.0% in December. In January it ticked up to 5.1% and was expected to tick higher again to 5.2% in February, but ticked down to 4.9%. It continued to fall to 4.3% in October and it is expected to come at 4.2% for November. The decline continued to 3.7% in January but it's expected to tick higher this month. Our experienced analysts will cover this event in real-time.  

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About Unemployment Rate (UK)
The U.K. Unemployment Rate is calculated and released by the Office for National Statistics. It is a statistic that measures the ongoing levels of unemployed individuals in the domestic workforce. Unemployment rates are derived by dividing the number of unemployed workers by the entire non-military labor pool. It is intended to measure the percentage of people willing to work and actively seeking jobs.As a general rule, high unemployment rates are found in recessionary economic cycles while low rates are common in periods of growth. Monetary policy decisions take into account the Unemployment Rate as a leading metric of economic performance. Low unemployment leads to inflation and a tightening of monetary policy, while higher rates are seen as a precursor to prolonged deflation.Traders look upon the release of U.K. Unemployment as an important metric facing the U.K. economy. Abnormal levels are viewed as being likely catalysts for policy change, with U.K. indices and GBP being highly sensitive to its release.
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