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Financial News: UK Jobless Rate Stable At 3.7%

UK Jobless Rate Stable At 3.7%

01/17/2023 - 02:38:00 (RTTNews)

(RTTNews) - The UK unemployment rate remained unchanged in three months to November and wage pressures intensified, data from the Office for National Statistics revealed Tuesday.

The ILO jobless rate held steady at 3.7 percent in three months to November, as expected.

Average earnings including bonuses grew 6.4 percent annually in three months to November, faster than economists' forecast of 6.2 percent.

Earnings excluding bonuses also increased 6.4 percent, the fastest since records began in 2001, excluding the height of the coronavirus pandemic. Economists had forecast an increase of 6.3 percent.

Data showed that the claimant count rose to a seven-month high of 4.0 percent in December from 3.9 percent in November. Jobless claims increased by 19,700 from the previous month.

In three months to December, job vacancies declined by 75,000 from September to 1.16 million. Despite six consecutive quarterly falls, the ONS said the number of vacancies remained at historically high levels.

In December, payrolled employees showed another monthly increase of 28,000 on November to 29.9 million.

The ONS said there were 467,000 working days lost because of labor disputes in November, which was the highest since November 2011.

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