UK unemployment rate rises to 5.1% in latest ONS data - latest
UK records its highest unemployment rate since 2021
- The UK unemployment rate rose to 5.1 per cent in the three months to October, an increase of 0.1 per cent from the previous quarter.
- This marks the highest unemployment rate since the first quarter of 2021, or early 2016, when excluding the pandemic period, indicating a weakening labour market.
- The number of employees on payrolls decreased by 38,000 in November, reaching 30.3 million, with younger workers particularly affected.
- Average regular earnings growth also slowed to 4.6 per cent in the three months to October, though it remained 0.9 per cent higher after inflation.
- The Office for National Statistics described the overall labour market as "subdued", with the figures adding pressure for a potential interest rate cut.