Unemployment in the United Kingdom with a slight decline to 3.8% in the fourth quarter of 2023 – Economy

The UK unemployment rate fell to 3.8% in the three months to December 2023, the Office for National Statistics (ONS) reported on Tuesday.

This decrease is explained by a decrease in the number of long-term unemployed, according to the information released, as the rate is now recorded compared to 3.9% recorded in the three months to November.

According to the Office for National Statistics, the employment rate was 75.0%, while the proportion of economically inactive people between the ages of 16 and 64 was 21.9%. The number of offers fell by 26,000 to 932,000 in the three months to January, compared to the previous quarter, while in the year-on-year comparison there was a decline of 209,000, with the Office for National Statistics noting this was the 19th in a row. Decline month.

However, ONS's director of economic statistics, Liz McKeown, says there are signs that this downward trend in job vacancies is slowing, noting that “employment growth has clearly slowed in the last year” in the UK.

Liz McKeown also points out that there is a “historic number of people with long-term illnesses” who cannot work, which is impacting the country's employment rate, which remains at a lower level than it was before the pandemic.

Average salaries increased 6.2%, excluding bonuses, a deceleration compared to the previous quarter, with a variance of 5.8% including bonuses.

Salaries continue to grow in real terms, taking into account the average annual inflation rate recorded in December of 4%.

In response to these data, British Finance Minister Jeremy Hunt said that it was “good news that real wages are growing,” which is happening “for the sixth month in a row,” and that “unemployment remains low,” and he even warned that “employment is booming.” . not finished”.