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Financial News: UK Unemployment Rate Rises

UK Unemployment Rate Rises

03/17/2020 - 05:56:00 (RTTNews)

(RTTNews) - The UK unemployment rate increased at the start of the year, data published by the Office for National Statistics showed on Tuesday.

The jobless rate gained 0.2 percentage points from the preceding quarter to 3.9 percent. The rate was largely unchanged from a year earlier, the ONS said. This was above the forecast of 3.8 percent.

During November to January, nearly 1.34 million people were unemployed. This was 5,000 more than a year earlier but 515,000 fewer than five years earlier.

At the same time, the employment rate rose 0.3 percentage points from the previous quarter to a joint record high of 76.5 percent.

Average weekly earnings including bonus and excluding bonus grew 3.1 percent each on a yearly basis.

In February, the claimant count rose marginally to a seasonally adjusted 3.5 percent from 3.4 percent in January. The number of people claiming unemployment benefits increased 17,300 from the previous month.

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