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Monday, December 05, 2022

The United Kingdom maintains its unemployment rate at 3.8% but registers fewer vacancies

Britain kept Unemployment rate for the second quarter of the year 3.8% According to data from the Office for National Statistics (ONS). This agency also registered Decrease in the number of job vacancies between April and June, According to separate figures, the number of people employed with payroll increased by 73,000 to 29.7 million during that period, while the employment rate was 75.5% between April and June.

Economic inactivity was 21.4%, while 1.27 million job vacancies were registered between May and July, which is 19,800 less than the previous quarter. ONS statistics director Darren Morgan said job losses are at a very low level, adding that the “real value” of wages continues to fall. As per ONS calculations, once taking into account the increase in prices, Actual value of salary, excluding additional payments, has declined by 3% in the previous year, “Except for bonus payments, it’s going down (at a rate) at a rapid rate since comparable records were recorded in 2001,” the manager insisted.

unemployment rate data Year-on-year inflation rate prior to publicationwhich could register a fresh rebound given the Bank of England’s forecasts, which is expected to increase from 9.4% to 13% at the end of the year, The regulator also warned of the risk of recession ahead of 2023, for which on August 4 it announced a hike in interest rates from 1.25% to 1.75%, its highest level since December 2008 and the highest since 1995. is aggressive. The increase is aimed at countering the economic recovery after the pandemic, the war in Ukraine and rising prices due to rising energy costs.

This data a. originate in The context of uncertainty in the United Kingdom Upon learning of the scandals of his prime minister, Boris Johnson, which led to his resignation in July, although this would not take effect until September, when he would step down. The Bank of England has already warned that UK GDP growth is “slowing down” Rising energy prices have made it possible for the UK to “enter a recession from the fourth quarter of this year”. The regulator forecast negative rates of growth in consumption, along with a “massive decline” in real household income in 2022 and 2023.

this same creature Expected decline in employment next year, which in turn easing the pressure on prices domestically, could facilitate inflationary pressures and a decline in wage growth. Thus he hopes that inflationary tensions will subside by the second half of next year, when the markets have already embraced the consequences of the war in Ukraine and its resulting price rise.

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