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Financial News: UK Jobless Rate Rises; Employment Falls

UK Jobless Rate Rises; Employment Falls

01/26/2021 - 02:28:00 (RTTNews)

(RTTNews) - The UK unemployment rate increased and the employment rate continued to decline in three months to November, labor force survey results from the Office for National Statistics showed Tuesday.

The jobless rate rose 0.6 percentage points from the previous quarter to 5 percent in three months to November. The expected rate was 5.1 percent.

At the same time, the employment rate dropped 0.4 percentage points sequentially to 75.2 percent. Employment decreased by 88,000 on the quarter.

The number of people out of work increased by 202,000 on quarter to 1.72 million in three months to November.

Average earnings including bonuses advanced 3.6 percent from last year versus the expected growth of 2.9 percent.

Average earnings excluding bonus also grew 3.6 percent compared to forecast of 3.2 percent.

In December, the claimant count rose to a seasonally adjusted 7.4 percent from 7.3 percent in November. Jobless claims increased by 7,000 from the previous month to 2.6 million.

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