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Financial News: UK Unemployment Rate Rises In Q3

UK Unemployment Rate Rises In Q3

11/10/2020 - 02:44:00 (RTTNews)

(RTTNews) - The UK unemployment rate increased in the third quarter and redundancies reached a record high, data from the Office for National Statistics showed Tuesday.

The ILO jobless rate rose by 0.7 percentage points from the previous quarter to 4.8 percent in three months to September, as economists' expected. Meanwhile, the employment rate dropped by 0.6 percent from the preceding quarter to 75.3 percent.

The employment rate has been decreasing since the start of the coronavirus pandemic, while the unemployment rate is rising sharply. The number of people temporarily away from work has fallen since its peak in April and May 2020.

Redundancies increased by a record 181,000 from the previous quarter to a record high 314,000. Average earnings including bonus increased 1.3 percent annually, faster than the expected increase of 1 percent. Likewise, earnings excluding bonus grew 1.9 percent versus forecast of 1.5 percent.

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