UK unemployment rate falls in pre-budget boost, but vacancies dry up amid ‘jobs drought’ – business live
Rolling coverage of the latest economic and financial news Here’s Stephen Evans, chief executive at Learning and Work Institute (L&W), on the situation in the UK jobs market: “The labour market remains relatively flat overall. This resilience in the face of headwinds driven by global events is welcome. But underlying problems remain, with around one million young people not in education,…
The UK unemployment rate has dropped, according to the latest pre-budget data released by the Office for National Statistics, showing Chancellor John Healey in a positive light. However, the number of job opportunities for workers is dwindling, contributing to a "jobs drought". The unemployment rate dropped to 4.7% in the periods of June to August, as opposed to 4.9% in the previous month.
This outcome surpassed the expectations of City economists who had predicted an increase to 5%. The latest snapshot of Britain's jobs market ahead of the budget in two weeks' time indicates that employment rose by 102,000 jobs, reaching a total of 34.577 million in the last quarter. The unemployment rate also saw a decline of 47,000 people, settling at 1.712 million.
Additionally, there was a slight decrease in the number of people who are 'economically inactive', reducing by 16,000 to 9.091 million. Yet, there is a cause for concern as the number of vacancies has experienced its biggest drop since the beginning of the year, falling by 21,000 in the last quarter.
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