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UK Jobless Rate Rises Further; Redundancies At Record High

UK DATA
MNI (London)

SEP-NOV LFS JOBLESS RATE 5.0% VS 4.9%

SEP-NOV AVG TOTAL EARNINGS +3.6% VS +2.8% PRIOR

SEP-NOV AVG EARNINGS EX-BONUS +3.6% VS +2.8% PRIOR

DEC CLAIMANT COUNT up 7,000 to 2,644,500

The UK's unemployment rate rose further to 5.0% in Nov, up from 4.9% recorded previously and coming in slightly better than expected. This marks the highest jobless rate since early 2016. The employment rate ticked down to 75.2%, while the inactivity rate was 20.7% in Nov. More up-to-date PAYE data showed an uptick in payrolled employees by 52,000 in Dec compared to Nov. However, overall there were 828,000 fewer people in payrolled employment since Feb 2020. Redundancies increased further in Nov, showing a new record high quarterly rate of 14.2%. Vacancies rose by 81,000 on a quarterly basis to 578,000 in Dec, which is 224,000 less vacancies compared to a year ago. Actual weekly hours worked improved in Nov to 30, up from 29.5 seen in Oct and marking the highest level since Mar. In Nov 278,000 people were temporarily away from work and were not being paid. Claimant count ticked up slightly by 7,000 on the quarter to 2.6 million in Nov.

MNI London Bureau | +44 203-865-3814 | irene.prihoda@marketnews.com
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