Posted 2/5/2024, 12:26:00 PM
Labor Participation Slumps as 400,000 Leave UK Job Market, Mainly Due to Ill Health
- New estimates show over 400,000 extra people have dropped out of the labor market in Britain
- There are now 9.25 million people aged 16-64 not working or looking for work
- Ill health cited as a key reason, with 2.8 million people having quit jobs due to long-term sickness
- Share of working-age adults employed now estimated at 75% vs previous 75.8%
- Unemployment rate fell from 4.3% in July to 3.9% in November, complicating Bank of England plans to lower interest rates
