United Kingdom Unemployment Rate

The jobless rate in the UK fell to 3.6% in the three months to July of 2022, the lowest since 1974, from 3.8% in the previous period and compared to market forecasts of 3.8% as the number of people who are no longer looking for work increased. The so-called inactivity rate rose to 21.7%, the highest since 2017 driven by students or long-term sick. Meanwhile, the employment rate decreased by 0.2 percentage points to 75.4% and is still below pandemic levels, mainly due to a fall in part-time employment. The number of people unemployed for up to six months decreased to a record low and the number of people unemployed for over 12 months continued to decline. On the other hand, those unemployed between 6 and 12 months increased. Also, job vacancies in June to August 2022 were 1,266,000, a decrease of 34,000 from the previous quarter and the largest quarterly fall from June to August 2020.