United Kingdom Unemployment Rate

The United Kingdom’s unemployment rate fell to 4.0% from June to August 2024, down from 4.1% in the previous three-month period and matching market estimates. This marked the lowest level since the three months ending in January, as the number of unemployed individuals declined by 141 thousand to a seven-month low of 1.39 million. During this period, the number of people unemployed for up to six months dropped below levels from a year ago, while those unemployed for over six months also decreased but remained above last year’s estimates. Meanwhile, the number of employed individuals surged by 373 thousand, the highest increase on record, reaching 33.37 million, primarily driven by a rise in both full-time and part-time employees. The number of people with second jobs also increased, accounting for 3.8% of all employed individuals. Lastly, the economic inactivity rate fell by 0.1 percentage point to 21.8%.