Global| Aug 13 2003Record High Employment Rate in UK; Wages Moderate
Summary
Labor markets in the UK improved moderately in the latest data reported Wednesday. Unemployment sustained a 5.0% level for a second month in these data reported as a 3-month centered moving average. This new report shows the averages [...]
Labor markets in the UK improved moderately in the latest data reported Wednesday. Unemployment sustained a 5.0% level for a second month in these data reported as a 3-month centered moving average. This new report shows the averages for April through June and is recorded as a "May" figure; it thus covers the whole of the second quarter. Compared with the first quarter, the unemployment rate is down 0.1%. That for men improved to 5.5% from 5.7% in the first quarter and a high of 5.9% in the third quarter of last year. The rate for women decreased from 4.4% in the first quarter to 4.3%, a record low [these "ILO definition" unemployment data begin in 1992.].. The other side of the coin, employment, also shows modest improvement. It is up 63,000 on the quarter (0.2%) and 224,000 on the year (0.8%). Men fared better than women, however, gaining 85,000 over the first quarter, while women employees decreased by 21,000. The corresponding employment rate (similar to te US concept: the number employed as a ratio to the working age population over age 16) rose to a record high 59.9%. Average earnings, of key concern to policymakers in the UK, slowed to a 3.1% rate of gain in the three months to June, compared to 3.4% in the March period and 3.3% from a year earlier.
| All Data (% Change, Annual Rate) | "May" (3 months ended Jun) |
"Feb" (3 months ended Mar |
Year Ago | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|---|
| Unemployment Rate | 5.0 | 5.1 | 5.1 | 5.2 | 5.1 | 5.4 |
| Employment Rate | 59.9 | 59.8 | 59.7 | 59.6 | 59.6 | 59.5 |
| Hourly Earnings (Annual % Change) | 3.1 | 3.4 | 3.9 | 3.6 | 4.4 | 4.6 |
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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