UK unemployment rate decreased in Q1

According to the Office for National Statistics (ONS), unemployment in the UK fell by 51,000 to 2.61 million in the three months to April, with the jobless rate recorded at 8.2 percent.

However, the number of people claiming Jobseeker’s Allowance increased by 8,100 in May compared with April, to 1.60 million.

Overall, there were 29.28 million people in work, up 166,000 on the previous quarter, the largest quarterly increase since August 2010.

Private sector employment rose by 205,000 to 23.38 million, but the number of people employed in the public sector fell by 39,000 to 5.9 million, the lowest figure since March 2003. Furthermore, the ONS indicated that in previous months, the rise in employment had been led by part-time workers, however this month the increase was fairly evenly distributed between part-time and full-time workers.

Some economists pointed out that whilst the latest ONS figures showed some good news in the UK’s labour market, concerns about a sustainable recovery still remain, considering the continuing economic challenges in the euro zone.

Source: BBC

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Kenny Fisher

Kenny Fisher

Currency Analyst at Market Pulse
Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years.