United Kingdom unemployment rate rises to 4.4 percent

Marcus Newton
February 25, 2018

The growth rate of the United Kingdom economy has been revised downwards for the last three months of 2017, with the United Kingdom the worst performing economy in the G7.

Figures from the Office of National Statistics for October to December 2017 show Scotland's jobless total rose by 14,000 people.

Employment growth was weaker than expected in the three months to December, rising by 88,000 people rather than the 173,000 Reuters poll consensus.

This was "in part reflecting a small downward revision to the estimated output of the production industries".

Net migration to the United Kingdom from the European Union has fallen below 100,000 for the first time in more than four years, official figures reveal.

Mr Hepburn said: "While unemployment and employment have improved over the year, the slight decrease in employment and increase in unemployment levels over the most recent quarter is disappointing, which is why we recognise the need for further investment in our economy and labour market".

Average weekly earnings for employees in nominal terms (not adjusted for inflation) increased by 2.5% including and excluding bonuses.

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The unemployment rate has now risen to 4.4% from 4.3%, although unemployment is 123,000 lower than one year ago.

The central bank would raise interest rates in order to reduce inflation over a two-to-three year horizon.

Discussions over the trading relationship between the government and the EU are due to resume soon, and many businesses, particularly in the finance sector, are hoping that a transition deal will be agreed on shortly whereby Britain will remain in the tariff-free European single market and customs union for a period after Brexit.

We use cookies to give you the best experience on our website and bring you more relevant advertising. In midday trading, the pound was 0.5 percent lower at $1.3921.

In the same period, the number of people in employment in Scotland fell by 20,000 to stand at 2,632,000.

It means growth stuttered towards the end of 2017, failing to accelerate beyond the 0.4% recorded during the third quarter.

So used to the "productivity puzzle" have economists become that when the ONS estimated productivity growth of 0.9% in the third quarter of previous year, many dismissed it as a blip. Maybe that old motor has some life in it yet.

Other reports by MaliBehiribAe

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