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.