BRITAIN’S JOB DATA HITS ANOTHER HIGH

  • Feb 20, 2019 GMT
  • Team Kalkine
BRITAIN’S JOB DATA HITS ANOTHER HIGH

According to the data released by the Office for National Statistics (ONS) on 19th February 2019, about 32.6 million people were employed during the fourth quarter of 2018.

Out of work rate stood at 4.0 per cent in the fourth quarter ended in December 2018. The total number of unwaged people slid by 14,000 to 1.36 million during the year.

UK’s unemployment rate is at a 44-year low, despite decelerating global economic growth and uncertainties around the Brexit.

As per data revealed by the ONS, around 32.6 million people were working during October- December quarter, which was 1,67,000 higher against the July-September quarter of 2018 and about 0.44 million higher than for a year earlier.

The economically active people in the age group between 16 to 64 years were estimated at 75.8 per cent during the fourth quarter of 2018, compared to 75.2 per cent during the fourth quarter of 2017.

Men workforce aged between 16 to 64 year were estimated at 80.3 per cent during the fourth quarter of 2018.

Women workforce aged between 16 to 64 years were estimated at 71.4 per cent in work during the October-December quarter of 2018, highest since 1991.

During the fourth quarter of 2018, there were approximately 1.36 million jobless individuals (but seeking and ready to work), 14,000 less than the July-September quarter 2018, and 1,00,000 lesser as compared to the previous year.

Individuals who were economically inactive (neither working nor willing to work), were estimated at 4.0 per cent during the fourth quarter.

An estimated 8.63 million individuals aged between 16 to 64 years who were not employed (neither working nor seeking to work) during the fourth quarter, fell by 94,000 compared to the July-September quarter of 2018. Non-working individuals between 16 to 64 years age group was recognised at 20.9 per cent, the lowest figure since 1971, the year in which estimates began.

As per the latest estimated released by the ONS, average weekly earnings for working individuals in the United Kingdom in a nominal term (not adjusted against inflation) soars up by 3.4, both excluding and including bonuses compared to the corresponding period of previous year.

While, in real terms (adjusted against inflation) average weekly earnings grew by 1.2 per cent excluding bonuses and by 1.3 per cent including bonuses, compared to the corresponding period of the previous year.

As per the data revealed by the ONS, British citizens working in the UK increased by 372,000 to 29.10 million during the October-December quarter of 2018, European citizens employed in the UK fell by 61,000 to 2.27 million during the same quarter, and Non-European individuals employed in the UK were up by 130,000 to 1.29 million in the fourth quarter of 2018.

Conclusion

Although, the jobs market of Great Britain remains robust despite a slowdown in global economies, and ongoing uncertainties around the Brexit deal, we estimate Brexit effect yet to be seen in the following job statistics.

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