Employment Gains Drive Job Market Improvement
The unemployment rate in the United Kingdom has seen a notable decline, dropping to 4.2% in the three months leading up to June 2024, down from the two-and-a-half-year high of 4.4% recorded in the previous quarter. This improvement was highlighted in the latest data released by the UK’s Office for National Statistics (ONS), as reported by Trading Economics.
The number of unemployed individuals decreased by 51,000, bringing the total down to 1.44 million. This reduction was largely driven by a drop in the number of people who had been unemployed for less than six months. Additionally, there was a decrease in the number of individuals unemployed for six to twelve months and those out of work for more than a year.
Meanwhile, the number of employed people rose by 97,000, reaching a total of 33.1 million. This increase was primarily fueled by growth in part-time employment and self-employment, although it was partly offset by a decline in full-time employment.
Interestingly, the period also saw an uptick in the number of people holding second jobs, now accounting for 3.8% of all employed individuals. This trend suggests that more workers are seeking additional income or job security in response to ongoing economic uncertainties.
The UK job market continues to be a critical indicator of the nation’s economic health, and while these figures show positive momentum, the challenge remains to sustain this progress and maintain low unemployment levels in the long term.
