Wednesday, 16 April 2014

UK Unemployment Drops to 6.9%

The latest estimates for December 2013 to February 2014, according to the Office for National Statistics (ONS), show that employment continued to increase and unemployment continued to fall, as did the number of economically inactive people aged between 16 and 64.

During the three month period, unemployment was 2.24 million, 77,000 lower than for September to November 2013, and 320,000 lower than the same period last year. The unemployment rate was 6.9% during the period, down from 7.1% from the preceding period and down from 7.9% from the same period last year.

Seasonally adjusted Unemployment Rate (aged 16+)

The employment rate for those aged between 16 and 64 was 72.6% during the three months, up from 72.1% in the preceding period and up from 71.4% compared with the same period last year. Employment rate, however, remains lower than the pre-downturn peak of 73% recorded in late 2007 and early 2008.

Seasonally adjusted Employment Rate (aged 16 to 64)

Not only are more people in employment, they are also working longer hours. The total number of hours worked per week was 973 million between December and February, up by 3.6 million from the preceding period and up by 24.6 million compared with last year. Compared with five years previously, the number of hours worked per week is up by 51 million.

Seasonally adjusted Total Hours Worked per Week

Graphs sourced from: Labour Force Survey - Office for National Statistics

To read the full report from the ONS, please click here.