UNEMPLOYMENT RATE

Unemployment Rate in United Kingdom

Abstract
Unemployment, according to the Organization for Economic Co-operation and Development, is when persons
above a specified age are not in paid employment or self-employment and are currently available for work
during the reference period. The unemployment rate is the percentage of the total labor force that is
unemployed but actively seeking employment and willing to work. The past data is evaluated in order to
identify the behavior and trend of the unemployment rate of United Kingdom and Sri Lanka.

Analysis
The Unemployment Rate of United Kingdom and Sri Lanka
 Unemployment Rate in the United Kingdom averaged 6.94 percent from 1971 until 2020, reaching an
all-time high of 12 percent in February of for - Unemployment Rate in Sri Lanka averaged 7.74 percent
from 1991 until 2019.
 The UK unemployment rate edged up to 3.9 percent in the three months to January 2020 from the
lowest level since early 1975.
 Unemployment Rate in the United Kingdom is expected to be 4.60 percent by the end of this quarter.
It estimates Unemployment Rate in the United Kingdom to stand at 6.80 in 12 months’ time. In the
long-term, the United Kingdom Unemployment Rate is projected to trend around 6.00 percent in 2021
and 4.90 percent in 2022, according to our econometric models.

 Unemployment Rate in Sri Lanka increased to 5.10 percent in the third quarter of 2019 from 4.90
percent in the second quarter of 2019.
 Unemployment Rate in Sri Lanka is expected to be 4.30 percent by the end of this quarter. It estimates
Unemployment Rate in Sri Lanka to stand at 4.60 in 12 months’ time. In the long-term, the Sri Lanka
Unemployment Rate is projected to trend around 4.60 percent in 2021.
Unemployment Rate of UK in a graphical representation
 Past 10 years data with a help of a curve

Unemployment Rate of Sri Lanka in a graphical representation

 IDENTIFICATIONS OF UK UNEMPLOYMENT.

 United Kingdom's Unemployment Rate increased to 3.91 % in Dec 2019, from the previously
reported number of 3.77 % in Nov 2019.

 United Kingdom's Unemployment Rate is updated monthly, available from Feb 1971 to Dec 2019,
with an average rate of 6.15 %. The data reached an all-time high of 11.90 % in May 1984 and a
record low of 3.40 % in Dec 1973. The data is reported by Offi ce for National Statistics.

 In the latest reports, United Kingdom's Population reached 67.89 million people in Dec 2020.
Monthly Earnings of United Kingdom stood at 2,858.88 USD in Jan 2020. The country's Labor
Force Participation Rate increased to 64.24 % in Dec 2019.

 Unemployment Rate in the United Kingdom averaged 6.94 percent from 1971 until 2019, reaching an all-
time high of 12 percent in February of 1984 and a record low of 3.40 percent in November of 1973.

 Unemployed Persons in the United Kingdom averaged 1514.08 thousand from 1971 until 2020, reaching

an all-time high of 3090 Thousand in July of 1986 and a record low of 422.60 Thousand in December of
1973.

 UK unemployment rates consistent with this definition are available from 1971. Considering this consistent
time series, the highest unemployment rate recorded since 1971 was 11.9% in 1984 and the lowest was
3.4% in late 1973/early 1974.

CONCLUSION
In the overall findings and graphical representations of the unemployment rates of UK and Sri Lanka, we can
clearly see how the unemployment rate has acted in the previous decade. It is very good to the economy of
the United Kingdom because we can see a nice downfall of the unemployment rate in the above graphs. They
have experienced a decreasing trend of unemployment which is a favorable factor for the country’s economy
and also they can decrease the poverty level of their economy too. In Sri Lanka the unemployment rate in
2009 was more than 5.5 percent. From 2010 onwards they have being able to reduce the unemployment
lower than 5%. The lowest unemployment rate they have achieved throughout the past decade is 3.8% on
2012. After that they have being able to maintain the unemployment rate in between 4-5%. When compared
to the unemployment rate of 2018, on 2019 it has reduced from 0.8% which is a favorable condition.

Data sources

 Department of Census and Statistics -Sri Lanka

 Central Bank of Sri Lanka

 Office for National Statistics

 Macrotrends.com
 Bank of England
 Ceicdata.com