UK employment rate for June-August 2022 75.5%, unemployment rate 3.5%: ONS

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The employment rate in the UK from June to August this year was 75.5%, down 0.3 percentage points from the March-May period, which had a significantly higher employment rate than other periods, according to the Office of National Statistics (ONS). The unemployment rate for the three months fell 0.3 percentage points on the quarter to 3.5%, the lowest rate since December 1973 to February 1974.

The number of employees in March-May fell over the quarter, while the self-employed increased. The employment rate is 1.0 percentage point lower than before the pandemic.

The employment rate in the UK from June to August this year was 75.5%, down 0.3 percentage points from the March-May period, which had a significantly higher employment rate than other periods, according to the Office of National Statistics. The unemployment rate for the three months fell 0.3 percentage points over the quarter to 3.5%.

The most timely estimate of employees on payroll for September 2022 shows a further monthly increase, up 69,000 from revised August 2022 figures, to a record 29.7 million.

The number of 6-12 month unemployed increased over the three-month period of the quarter, while short-term (up to 6 months) and long-term (more than 12 months) unemployed decreased.

From June to August 2022, the number of unemployed per vacancy fell to a record low of 0.9.

The economic inactivity rate increased by 0.6 percentage points to 21.7% in June-August 2022, compared to the previous three months, which had a significantly lower economic inactivity rate than other periods.

The quarterly increase was driven by people inactive because they are long-term ill or because they are students. The number of people who are economically inactive due to long-term illness has reached an all-time high.

From July to September this year, the estimated number of vacancies fell by 46,000 in the quarter to 1,246,000, the biggest drop in the quarter since June to August 2020.

Despite three consecutive quarterly declines, the number of job vacancies remains at historically high levels.

Research by the British Chamber of Commerce (BCC) shows that labor shortages are hampering the ability of many businesses to serve existing customers and grow, said BCC research director David Bharier, in a statement.

“Companies are currently facing multiple external shocks, such as global supply chain disruption, runaway inflation and rising interest rates. Labor shortages are another issue weighing on business confidence,” he added.

Fibre2Fashion (DS) News Desk

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