UK Unemployment Rate Eases to 4.7% as Job Listings Soar

Source: Office for National Statistics

The UK unemployment rate declined further in the second quarter to hit the lowest level in nearly a year, as job listings breached 1 million for the first time on record.

• The unemployment rate for the quarter stood at 4.7%, the lowest since 4.5% recorded in June to August in 2020.
• The latest reading is lower than the 4.8% recorded in March to May but higher than the 4.1% recorded in the comparable period in 2018.
• The print also remains above the 3.9% unemployment rate recorded prior to the COVID-19 pandemic.
• Nearly 2 million individuals remained on furlough, and payrolled employees climbed by 182,000 to 28.9 million.
• Wages without bonuses grew 7.4% and climbed 8.8% when bonuses were factored in.
• Job vacancies soared to 1.034 million in July, with the three-month average up to 953,000.
• Hours worked continued to be below pre-pandemic levels by nearly 5%.
• Most wage increases stood between 3.5% and 4.9% when the “coronavirus effect” was taken out.