UK unemployment rate hits 4.4%, highest rate in more than two years

The Office for National Statistics (ONS) published the latest release of its employment report for 3 months to April 2024 and the report shows that unemployment rate within the country climbed to 4.4%, the highest rate reported in over two years.

Despite the increase, wages continued to climb (this may be due to the increase to the National Living Wage in April). What may be worrying for a lot of people is that the number of vacancies are falling (vacancies fell down by 9,000 to 904,000) as unemployment continues to rise. “In February to April 2024, the number of those unemployed for up to 6 months increased, and remains above levels of a year ago (February to April 2023). Those unemployed for over 6 and up to 12 months and those unemployed for over 12 months also increased in the latest quarter following falls in the second half of 2023, and are above estimates of a year ago” the Office for National Statistics (ONS) said.

The ONS has however called for caution about the unemployment figures because its survey sample is small.

To read the full report, click here