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Financial News: UK Unemployment Rate Rises

UK Unemployment Rate Rises

10/13/2020 - 02:48:00 (RTTNews)

(RTTNews) - The UK unemployment rate increased and employment declined in three months to August as the pandemic weighed on the labor market, data from the Office for National Statistics showed Tuesday.

The ILO jobless rate rose by 0.4 percentage points from the preceding quarter to 4.5 percent in three months to August. The rate was above economists' forecast of 4.3 percent.

Unemployment increased by 138,000 from the prior quarter to 1.52 million.

The ONS said there were also around 192,000 people away from work because of the pandemic and receiving no pay in June to August.

The employment rate fell by 0.3 percentage points to 75.6 percent in three months to August.

Employment totaled 32.59 million, which was153,000 fewer than the previous quarter.

Further, data showed that average total pay including bonus remained unchanged from the same period last year and earnings excluding bonuses grew 0.8 percent.

In September, the claimant count rate rose to a seasonally adjusted 7.6 percent from 7.5 percent in August.

The number of people claiming unemployment benefits increased by 28,100 in September from the previous month.

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