UK employment continued to mend in 3rd quarter

An increasing number of people in the U.K. found work between August and October, as the labor market showed signs of rebound after the pandemic shock, the Office for National Statistics announced today.

The employment rate rose to 75.5 percent, largely driven by women. That’s 1.1 percentage points lower than the last pre-pandemic quarter (December 2019 – February 2020) but 0.2 percentage points higher than the previous quarter (May to July 2021).

The U.K.’s unemployment rate, estimated at 4.2 percent, fell by 0.4 percentage points compared to the previous quarter but remains 0.2 percentage points higher than before the pandemic.

Total weekly hours worked in the U.K. have been on the rise since the easing of coronavirus restrictions, the ONS noted.

The data comes two days before the Bank of England holds a key policy meeting. While it had been expected to start tightening policy, the rapid spread of the Omicron variant and weak GDP numbers now make it more likely it will keep its stance unchanged.

Source: Politico