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Tuesday 20th March 2018

UK Jobless Rate Stays at 45-Year Low


7Dnews London

Tue, 11 Jun 2019 16:40 GMT

British unemployment remains at a 45-year low, official data showed on Tuesday, June 11th, despite a slowdown caused by Brexit and the contracting global economy.

The unemployment rate remained at 3.8% in the three months to April, the lowest level since the final quarter of 1974, the Office for National Statistics (ONS) said in a statement.

The reading was unchanged from the rate in the quarter to March, and matched market expectations according to AFP.

"All in all, there's very little here to suggest any weakness" in the labour market, said analyst David Cheetham at online trading firm XTB.

However, he sounded a note of caution about the impact of Brexit and the slowing global economy.

"The overall picture for the UK economy remains one that is far from thriving and looks to be simply treading water to be honest," Cheetham said.

"But given the dual headwinds of ongoing political uncertainty and a slowing global economy, the current level of activity could arguably be viewed as about as good as could be expected under these circumstances."

Official data released on Monday showed UK gross domestic product contracted 0.4% in April on a slump in manufacturing caused largely by Brexit uncertainty affecting production in the car industry.