UK Employment Climbs as Job-to-Job Moves Hit Record-High

Source: Office for National Statistics

The United Kingdom posted an increase in employment in the third quarter as job-to-job moves climbed to a record high during the period. EWU is up 0.60% premarket.

• The UK employment rate stood at 75.4% in the third quarter, 0.4 percentage points higher than the previous quarter. This is equivalent to 32.523 million.
• Total job-to-job moves jumped to a record-high of 979,000, mainly on resignations rather than dismissals during the quarter.
• The unemployment rate was recorded at 4.3%, 0.5 percentage points lower than the previous quarter but 0.3 percentage points higher than levels seen prior to the pandemic.
• The economic inactivity rate was estimated at 21.1%, largely unchanged from the previous quarter but 0.9 percentage points higher than the pandemic.
• Total weekly hours stood at 1.026 billion, up 25.2 million hours as COVID-19 restrictions were relaxed during the period.
• The economically inactive population stood at 8.733 million or 6% up, while the economic inactivity rate was unchanged at 21.1%.