New low for UK unemployment rate

UK Labour Market, January 2016

Main points for September to November 2015

  • The unemployment rate was 5.1%, lower than for a year earlier (5.8%). It has not been lower since August to October 2005. The unemployment rate is the proportion of the labour force (those in work plus those unemployed) that were unemployed.
  • There were 1.68 million unemployed people (people not in work but seeking and available to work), 99,000 fewer than for June to August 2015 and 239,000 fewer than for a year earlier.
  • There were 919,000 unemployed men, 149,000 fewer than for a year earlier. There were 756,000 unemployed women, 89,000 fewer than for a year earlier.
  • There were 31.39 million people in work, 267,000 more than for June to August 2015 and 588,000 more than for a year earlier.
  • There were 22.96 million people working full-time, 436,000 more than for a year earlier. There were 8.43 million people working part-time, 152,000 more than for a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 74.0%, the highest since comparable records began in 1971.

UK inflation rises

Consumer Price Inflation, December 2015: ONS

  • The Consumer Prices Index (CPI) rose by 0.2% in the year to December 2015, compared with a 0.1% rise in the year to November 2015.
  • Although this is the first month since January 2015 for which the rate has exceeded 0.1%, this continues the trend since early 2015 of the rate being very close to zero.
  • Movements in transport costs, particularly air fares and to a lesser extent motor fuels, were the main contributors to the rise in the rate.
  • Downward pressures from prices for alcohol and tobacco along with food and non-alcoholic beverages partially offset the rise

Unemployment rate falls

Labour Market, December 2015: ONS

Main points for August to October 2015

  • The unemployment rate was 5.2%, lower than for a year earlier (6.0%). It has not been lower since the 3 months to January 2006.
  • There were 1.71 million unemployed people (people not in work but seeking and available to work), 110,000 fewer than for May to July 2015 and 244,000 fewer than for a year earlier.
  • There were 939,000 unemployed men, 153,000 fewer than for a year earlier. There were 774,000 unemployed women, 91,000 fewer than for a year earlier.
  • There were 8.93 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), 63,000 fewer than for May to July 2015 and 126,000 fewer than for a year earlier.
  • The inactivity rate (the proportion of people aged from 16 to 64 who were economically inactive) was 21.9%, lower than for a year earlier (22.3%). The inactivity rate has not been lower since October to December 1990.
  • There were 31.30 million people in work, 207,000 more than for May to July 2015 and 505,000 more than for a year earlier.
  • There were 22.88 million people working full-time, 338,000 more than for a year earlier. There were 8.42 million people working part-time, 167,000 more than for a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 73.9%, the highest since comparable records began in 1971.

Inflation up to 0.1%

Consumer Price Inflation, November 2015: ONS

  • The Consumer Prices Index (CPI) rose by 0.1% in the year to November 2015, compared with a 0.1% fall in the year to October 2015.
  • Movements in transport costs and alcohol and tobacco prices were the main contributors to the rise in the rate.
  • Falling clothing prices partially offset the rise.

UK inflation rate remains negative

Consumer Price Inflation, October 2015: ONS

  • The Consumer Prices Index (CPI) fell by 0.1% in the year to October 2015, the same fall as in the year to September 2015.
  • Upward price pressures for clothing and footwear and a range of recreational goods were offset by downward price pressures for university tuition fees, food, alcohol and tobacco, resulting in no change to the overall rate of inflation.

Unemployment falls

Labour Market Statistics, November 2015: ONS

Main points for July to September 2015

  • There were 1.75 million unemployed people (people not in work but seeking and available to work), 103,000 fewer than for April to June 2015 and 210,000 fewer than for a year earlier.
  • There were 957,000 unemployed men, 130,000 fewer than for a year earlier. There were 793,000 unemployed women, 80,000 fewer than for a year earlier.
  • The unemployment rate fell to 5.3%, lower than for April to June 2015 (5.6%) and for a year earlier (6.0%). It has not been lower since March to May 2008. The unemployment rate is the proportion of the labour force (those in work plus those unemployed) who were unemployed.
  • There were 8.97 million people aged from 16 to 64 who were economically inactive (not working and not seeking or available to work), 22,000 fewer than for April to June 2015 and 62,000 fewer than for a year earlier.
  • The inactivity rate (the proportion of people aged from 16 to 64 who were economically inactive) was 22.0%, little changed compared with April to June 2015 but slightly lower than for a year earlier (22.2%). The inactivity rate has not been lower since the 3 months to January 1991
  • There were 31.21 million people in work, 177,000 more than for April to June 2015 and 419,000 more than for a year earlier.
  • There were 22.80 million people working full-time, 273,000 more than for a year earlier. There were 8.42 million people working part-time, 146,000 more than for a year earlier.
  • The employment rate (the proportion of people aged from 16 to 64 who were in work) was 73.7%, the highest since comparable records began in 1971.

Growth slows: 0.5%

Gross Domestic Product: Preliminary Estimate, Quarter 3 (July to Sept) 2015: ONS

  • GDP is estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2015 compared with growth of 0.7% in Quarter 2 (Apr to June) 2015.
  • Output increased in 3 of the main industrial groupings within the economy in Quarter 3 (July to Sept) 2015. Services increased by 0.7%, production increased by 0.3% and agriculture increased by 0.5%. In contrast, construction growth decreased by 2.2%.
  • Within production, manufacturing fell by 0.3% but this fall was offset by a 2.4% increase in Mining¬†and Quarrying and a 1.2% increase in water and waste management.
  • GDP was 2.3% higher in Quarter 3 (July to Sept) 2015 compared with the same quarter a year ago.
  • In Quarter 3 (July to Sept) 2015, GDP was estimated to have been 6.4% higher than the pre-economic downturn peak of Quarter 1 (Jan to Mar) 2008. From the peak in Quarter 1 (Jan to Mar) 2008 to the trough in Quarter 2 (Apr to June) 2009, the economy shrank by 6.1%