Friday, September 29, 2023

UK unemployment rate rises to 4.3% and salaries rise 7.8%

The unemployment rate in the United Kingdom stood at 4.3% in the May-July period, half a point higher than the figure registered in the previous quarter, according to data published this Tuesday by the British Office for National Statistics (ONS). which attributes the increase in unemployment to the increase in unemployed people up to 12 months.

The UK employment rate was 75.5% in May-July, half a point lower than between February and April. According to the ONS, this fall in employment was driven by full-time self-employed people.

The estimate of the workforce for August suggests a monthly decline of 1,000 people compared to the revised July figure of 30.1 million people.

In addition, the number of job vacancies fell by 64,000 people to 989,000 from June to August, marking the fourteenth consecutive quarterly decline.

For its part, the ONS points out that 281,000 working days were lost in July due to strikes and industrial disputes, most of them in education, health and social services.

Between May and July, British workers saw their salaries rise by 7.8% (excluding bonuses) compared to the previous year. This represents the same rate as the previous quarter and the largest increase since 2001, when comparable records began.

Annual growth in average total employee salary, including bonuses, reached 8.5%. In real terms (adjusted for inflation), annual growth was 1.2% for total salary and 0.6% for standard salary (excluding bonuses).

World Nation News Desk
World Nation News Desk
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