Unemployment Rate in Britain Remains Low
December, 15 2016
The unemployment rate in UK had marginally declined to 1.62 million from August until October, as it was indicated in the data released by the Office for National Statistics (ONS). The rate remained unchanged at 4.8% on its 11-year lows. While the Average Earnings Index surge to 2.6% which implies an insignificant growth the recent month. However, economists believe that the labour market will take a rest subsequent to the Brexit referendum.
David Freeman, a senior statistician from ONS, discussed that the total workers in the country are 31.76 million which is lower than the previous record.
The labor force percentage climb because hardly looked for a job which increases the so-called "economic inactivity", this is the total measure of individuals who does not search a job like students or persons who aren’t able to work due to a long-term sickness. It consists 89.1 million people who are considered economically inactive which is 76,000 higher versus its prior period.
The BoE together with some experts has already speculated the rising of unemployment as the uncertainties continue over the EU exit from Britain.
