Unemployment Rate Evolution in United Kingdom from 1990 to 2019

Unemployment Rate Evolution in United Kingdom from 1990 to 2019

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TGM StatBox. (2024). Unemployment Rate Evolution in United Kingdom from 1990 to 2019. TGM StatBox.
Chart Details
Timeframe: 1990-2023
Country: UK
Published date: 2024
Note: The Unemployment Rate, as defined by World Development Indicators, is the percentage of the labor force that is without work but is actively seeking employment and available to start work.
Key Takeaways
The UK’s unemployment rate rose sharply in the early 1990s due to a recession, reaching a peak of 10.3% in 1993. However, economic recovery saw a gradual decline, and by the 2000s, unemployment dropped to 4.6% in 2004, reflecting stable economic growth. The 2008 global financial crisis led to another peak at 8.0% in 2011, after which the rate decreased as the economy rebounded.

The unemployment rate continued to decline in the following years, reaching a low of 3.7% by 2019. However, the COVID-19 pandemic caused a temporary increase in 2020. The UK labor market has shown resilience, with policy interventions and job support schemes playing a role in keeping the rate low.

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