Unemployment in the UK remained unchanged at the latest reading, staying at just 4.8% — a 10-year low, according to the data released by the Office for National Statistics.
That was in line with forecasts from economists polled prior to the release, and unchanged from the last two months of data.
Headline employment also remained flat at its highest level since records began, 74.5% of the population.
There were 31.80 million people in work between September and November, which was “little changed compared with June to August 2016 but 294,000 more than for a year earlier,” an ONS release said. This was also an increase from 31.76 million people in employment at December’s reading.
Here is the ONS’ chart showing the unemployment rate over the last five years:
Since the Brexit vote, various economists and financial institutions have predicted that the UK’s unemployment rate will shoot up as a result of the vote to leave. Credit Suisse, for example, predicts an increase to 6.5% for the base rate, equivalent to roughly 500,000 jobs being lost. However, November saw the rate remain near its record low and Wednesday’s figures show the trend appears to be holding up.
The Bank of England expects unemployment to rise to 5.5% once the full effects of the referendum are felt across the economy, and earlier this week Governor Mark Carney said in a speech he believes the bank saved up to 250,000 jobs by unleashing an unprecedented package of monetary stimulus in response to the UK’s Brexit vote.
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