US EditionUK unemployment rose to four-year high of 5.1% before budget
Unemployment rose to 5.1%, the highest since early 2021, with 85,000 more young people aged 18-24 unemployed, reflecting ongoing labour market weakness, ONS data shows.
- On Tuesday, the Office for National Statistics reported the unemployment rate rose to 5.1% in the three months to October, with 1.832 million people unemployed and actively seeking work.
- Rising employer costs — including the NICs hike — have slowed hiring this year, with National Living Wage increases and Employment Rights Bill measures adding further pressure.
- Payroll data show payrolled employees fell by 38,000 in November to 30.3 million, average regular earnings growth eased to 4.6%, and job listings declined for a second month while vacancies stayed flat.
- The Bank of England faces pressure to cut rates this Thursday as markets are pricing ~92% odds of a move and most City forecasters expect a quarter point cut to 3.75%, with Andrew Bailey potentially decisive.
- Young workers in particular have a rise of 85,000 in unemployment aged 18–24 and 47,000 for 25–34, with a £1.5 billion investment for 50,000 apprenticeships and 350,000 opportunities.
33 Articles
33 Articles
In the UK, more and more people are without a job. However, annual wage growth in the private sector is also slowing down. The unemployment rate in the UK increased to 5.1 percent in the three months to October, as reported by the ONS Statistics Office on Tuesday. In the three months before, it was still five percent. The data underpin the expectation that the Bank of England (BoE) on Thursday to support the economy will reduce interest rates by…
Young people bearing the brunt as jobless rate hits 5.1% ahead of Budget
The Office for National Statistics said there had been an 85,000 increase in those unemployed aged between 18 to 24 in the three months to October. Britain’s jobs market showed further signs of weakening in the lead up to last month’s Budget as official figures revealed the unemployment rate lifting to its highest level since early 2021 and young people among the hardest hit. The Office for National Statistics (ONS) said the rate of unemployment…
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