Home UK & Europe Europe UK unemployment rate hits 45-year low

UK unemployment rate hits 45-year low

United Kingdom's economy is in shambles, homelessness and unemployment at rise and no proper policy has been introduced to curb such hard times. Brexit has weakened the economy to a state that the country's economy is at its 45 year lowest.

unemployment

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.

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.

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

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