UK unemployment rate in Dec 2023-Feb 2024 at 4.2%: ONS

The UK economic inactivity rate for the period was 22.2 per cent, which was above estimates a year ago and a slight rise in the latest quarter, according to the Office of National Statistics (ONS).

Part-time workers made the main contribution to the quarterly and annual decreases in the employment rate, while the number of full-time workers increased on the quarter and on the year.

The number of people in employment with second jobs increased in the latest quarter to 3.6 per cent of all in employment.

The unemployment rate had generally been falling from late 2013 until the start of the COVID-19 pandemic in early 2020. Thereafter, it increased until the end of 2020, but had returned to pre-pandemic rates. The unemployment rate has increased in the latest quarter, an ONS release said.

Between December 2023 and February 2024, those unemployed for up to six months decreased, but remain above levels a year ago. Meanwhile, those unemployed for over six and up to 12 months increased in the latest quarter, following falls in recent months, and those unemployed for over 12 months continued to increase in the latest quarter.

The highest employment rate estimate in the country was in the South East (78.3 per cent) and the lowest was in Wales (69.1 per cent), for the three months ending February this year.

London saw the largest increase in the employment rate compared with the same period the previous year, increasing by 1.2 percentage points, with Wales seeing the largest decrease of 2.8 percentage points.

The highest unemployment rate estimate was in the East Midlands (5.9 per cent) and the lowest was in Northern Ireland (2.2 per cent), for the above three months.

The East Midlands had the largest increase in the unemployment rate compared with the same period the previous year, increasing by 2.2 percentage points, with the North East seeing the largest decrease of 0.9 percentage points.

The highest economic inactivity rate estimate was in Wales (28.1 per cent) and the lowest was in the South East (18.4 per cent), for the three-month period.

Wales saw the largest increase in the economic inactivity rate compared with the same period the previous year, up by 2.7 percentage points, with the West Midlands seeing the largest decrease of 1.1 percentage points.

Fibre2Fashion News Desk (DS)