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UK unemployment falls to 3.8% in 4th quarter 2023 – The Economy

UK unemployment falls to 3.8% in 4th quarter 2023 – The Economy

The British Chancellor of the Exchequer says “the good news is that real wages are rising” and “unemployment remains low”, although he warns that “the work is not done”.

The UK unemployment rate fell to 3.8% in the three months to December 2023, the Office for National Statistics (ONS) said on Tuesday.

The drop was explained by a decline in the number of long-term unemployed, according to published data, with the rate now at a record low, compared with 3.9% seen in the three months to November.

According to the ONS, the employment rate was 75.0%, while the percentage of economically inactive people aged 16 to 64 was 21.9%.

The number of offers fell by 26,000 to 932,000 in the three months to January compared with the previous quarter, while the year-on-year decline was 209,000, the 19th in a row, the ONS said. Decline month.

ONS Director of Economic Statistics, Liz McKeown, however, says there are signs that this downward trend in job vacancies is slowing, noting that “it is clear that employment growth has slowed over the past year” in the UK.

Liz McKeown also notes that there are “historic numbers of people with long-term illnesses” unable to work, weighing on the country's employment rate, which is still at lower levels than before the pandemic.

Excluding bonuses, average salary grew 6.2%, a slowdown compared to the previous quarter, with a 5.8% variation including bonuses.

Salaries continued to grow in real terms, taking into account the average annual inflation rate recorded in December, which stood at 4%.

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Responding to the data, British Finance Minister Jeremy Hunt said it was “good news that real wages are rising”, for the “sixth month in a row”, and warned that “unemployment remains low”. Couldn't finish”.