United Kingdom Unemployment Rate

Unemployment Rate reflects the share of currently unemployed residents among the total civilian labor force, as percentage of the total number of working-age population. The unemployed are defined as persons aged 16 and older, who:

• have been actively looking for work within the last four weeks and are able to start work within the next two weeks;
• have found job and are ready to start working within the next two weeks.

The indicator is calculated based on the Labor Force Survey, which is regularly held by the appropriate agency. A statistical bulletin on the labor market is published every month. The detailed report form contains the overall unemployment rate in the UK, as well as separate statistics by sex, age and duration of the unemployment period.

The UK unemployment rate is among the most important indicators of the national economy health. State agencies use the data to manage macroeconomics and the labor market. Unemployment indicates the complexity of the social situation. Unemployment data are provided to a number of international organizations, including the European Central Bank.

The unemployment rate should not be mixed with the UK's claimant count indicator. Some unemployed people are not eligible for benefits or do not claim them, so authorities analyze the statistical survey data.

Unemployment growth indicates problems in the national economy and labor market. Therefore the value growth can affect GBP quotes negatively.