3.4
Release Date:
May 2023
Next Release Date:
May 2023
There was an increase in the employment and unemployment rates and a decrease in the economic inactivity rate, in October to December 2022 estimates
Change since previous
+0.1
Percent change year ago
-5.6
Chart 1
UK Unemployment Rate Historical
This chart shows the seasonally-adjusted UK employment, between January 2005 to May 2023
Chart 2
UK Unemployment Rate Year-Over-Year Change Historical
This chart shows the percent change from a year ago in the seasonally adjusted UK employment between January 2005 to May 2023
Chart 3
UK Unemployment Rate Monthly Z-Score
This chart shows the Z-score for the monthly change in the seasonally adjusted UK employment between January 2005 to May 2023
Data
About UK Unemployment Rate
The US unemployment rate is calculated by taking the number of unemployed individuals and expressing it as a percentage of the total labor force. The labor force consists of individuals who are 16 years of age or older, currently living in one of the 50 states or the District of Columbia, not residing in institutions such as correctional or mental health facilities or homes for the elderly, and not serving in the active duty of the Armed Forces.
UK Unemployment Rate FAQ
What is the unemployment rate?
The unemployment rate is a measure of the percentage of the labor force that is unemployed and actively seeking employment.
How is the unemployment rate calculated?
The unemployment rate is calculated by dividing the number of unemployed individuals by the total labor force and multiplying the result by 100.
What is the labor force participation rate?
Yes, the unemployment rate can sometimes be misleading because it does not capture individuals who have given up searching for work or those who are underemployed (working part-time but desiring full-time employment).
What factors can influence changes in the unemployment rate?
Several factors can influence changes in the unemployment rate, including economic conditions, business cycles, government policies, technological advancements, and demographic shifts in the labor force.It's worth noting that these answers provide a general understanding of the questions about unemployment rate data, but the specifics and nuances can vary depending on the country and the methodology used to calculate the rate.
How does a high unemployment rate effect the economy?
A high unemployment rate can have several negative effects on the economy. It leads to a decrease in consumer spending power, as unemployed individuals have less income to contribute to the economy. This, in turn, can impact businesses, leading to reduced demand for goods and services, lower profits, and potential layoffs. A high unemployment rate also strains government finances due to increased spending on unemployment benefits and reduced tax revenues. Moreover, it can create social and psychological challenges, such as increased poverty, inequality, and decreased overall economic confidence.
How does a high unemployment rate effect the economy?
A low unemployment rate positively impacts the economy in multiple ways. It stimulates consumer spending, as employed individuals have more disposable income. This leads to increased demand for goods and services, driving economic growth. Additionally, it reduces government spending on unemployment benefits and allows resources to be allocated to other priorities. A low unemployment rate also fosters a competitive labor market, encouraging higher wages and improved job quality for workers.
What was the unemployment rate during the great depression?
During the Great Depression, the unemployment rate in the United States reached unprecedented levels. At its peak in 1933, the unemployment rate surged to approximately 25%. This means that roughly one out of every four individuals in the labor force was unemployed and actively seeking work.
