AFP |
British unemployment has held at a 45-year low, official data showed Tuesday, despite headwinds from Brexit and the slowing global economy.
source: tradingeconomics.com
The unemployment rate in the UK remained at 3.8 percent in the three months to April – the lowest level since the final quarter of 1974, the Office for National Statistics (ONS) said in a statement.
Unemployment rate in the UK remains at 3.8% in the three months to April, the lowest level since the final quarter of 1974 https://t.co/BAICUq5Quw pic.twitter.com/pxk1rbhfsD
— ArabianBusiness.com (@ArabianBusiness) June 11, 2019
The reading was unchanged from the rate in the quarter to March and matched market expectations.
Official data Monday showed UK gross domestic product contracted 0.4 percent in April on a slump in manufacturing caused largely by Brexit uncertainty
“All in all, there’s very little here to suggest any weakness” in the labor market, said analyst David Cheetham at online trading firm XTB.
Pound remains under pressure; UK stocks begin little changedhttps://t.co/22cKNivw0m pic.twitter.com/JO52jSMNUT
— XTB UK (@XTBUK) May 28, 2019
However, he sounded a note of caution about the impact of Brexit and the slowing global economy.
“The overall picture for the UK economy remains one that is far from thriving and looks to be simply treading water to be honest,” Cheetham said.
Read more: UK posts slowest growth in six years as Brexit looms
“But given the dual headwinds of ongoing political uncertainty and a slowing global economy, the current level of activity could arguably be viewed as about as good as could be expected under these circumstances.”
Official data Monday showed UK gross domestic product contracted 0.4 percent in April on a slump in manufacturing caused largely by Brexit uncertainty.
UK’s Grave Economic Structure
(Analysis by GVS news desk)
United Nations has shown concerns over growing homelessness in the United Kingdom and the condition of poor in the country. UN published a report recently stating figures of homeless condemning the government which has long called their economy ‘booming’.
Read more: UN expresses grave concern over human rights violation in UK
Brexit has further weakened the country’s situation as Pound Sterlings comes to its lowest, stocks at lowest, homelessness and unemployment at high.
United Nations called on UK’s government to ease on policies and take steps to improve the economic structure which can help the poor of country.
AFP with additional input by GVS news desk