January Labour Market Update

Headline news for the Labour Market January 2019:

Unemployment rate falls to 4.0%

• Estimates from the Labour Force Survey show that, between June to August 2-18 and September to November 2018, the number of people in work has increased.
• The number of unemployed people has little change.
• The number of people ages 16-64 years (not working/not seeking or not available for work) has decreased.
• An estimated 32.53 million people that are in work which is 141,000 more than for June to August 2018 and 328,000 more than 2017.
• The employment rate was estimated at 75.8% higher than 2017 (75.3%) and is the highest it’s been in comparison to estimates beginning from 1971.
• There were an estimated 1.37 million unemployed people which is little change in comparison with June to August 2018 but is 68,000 fewer than 2017.
• The rate of unemployed individuals was estimated at 4.0% and it has not been lower since December 1974 to February 1975.
• There were an estimated 8.65 million people aged between 16-64 years (who were economically inactive) which is 100,000 fewer than for June to August 2018 and 86,000 fewer than 2017.
• The economic inactivity rate was estimated at 21.0% lower than 2017 which was 21.2% and was the joint-lowest estimate since comparable estimates began in 1971.
• Latest estimates show that the average weekly earnings for an employee in Great Britain (in nominal terms and not adjusted for price inflation) increased by 3.3% excluding any bonuses. By 3.4% including bonuses, compared with a year earlier.
• The latest estimates for average weekly earnings in real terms (adjusted for price inflation) increased by 1.1% excluding bonuses. By 1.2% including bonuses, compared with a year earlier.

Source: Department for Work and Pensions & Office for National
Statistics: https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/january2019