Unemployment falls to 4.7% ahead of Budget

Barclays warns the number of people out of work could exceed 2.1 million by early 2028

Unemployment falls to 4.7% ahead of Budget

TL;DR

  • Unemployment rate dropped to 4.7% in the three months to August.
  • Regular pay grew 0.8% higher than inflation.
  • Employment rate for 16-64 year olds rose to 75.3%.
  • Number of job vacancies fell by 21,000 to 691,000, the lowest since 2014.
  • Some smaller businesses are holding back from recruiting due to higher employment costs.
  • Barclays predicts unemployment could exceed 2.1 million by early 2028.
  • Barclays forecasts real earnings to fall by 0.4% this year and 0.1% in 2027.
  • Almost one million young people (16-24) are outside education, employment, or training.