Ekonomické zprávy
16.11.2021

UK unemployment rate fell more than forecast from July to September.

Data provided by the Office for National Statistics showed that in the period from July to September, the unemployment rate fell to 4.3% from 4.5% in the previous three months. Experts expected the unemployment rate to fall to 4.4%.

The ONS also reported that in October the number of employees increased by 160,000 compared to the revised September figure, and amounted to 29.3 million. It is possible that those made redundant at the end of the furlough scheme will be included in the RTI data for a few further months, while they work out their notice period.

Meanwhile, the employment rate in the period from July to September amounted to 75.4%, which is 0.4% more than in the previous three months. The increase in employment was associated with a record high net flow from unemployment to employment. In the period from July to September 2021, the total number of transitions from one job to another also increased to a record high, largely driven by resignations rather than dismissals.

The number of vacancies in August-October 2021 continued to grow and reached a new record of 1,172,000, which is 388,000 more than the level before the coronavirus pandemic, while 15 of the 18 industries showed record figures.

The report also showed that in the period from July to September, growth in average total pay (including bonuses) amounted to 5.8% per annum, while wages excluding bonuses increased by 4.9%. The reason for the last increase was temporary factors that led to an overestimation of the growth rate.

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