Dow Jones Newswires: U.K. unemployment rises while pay growth accelerates

by | Dec 13, 2022 | Stock Market

The U.K. unemployment rate increased in the three months to October, a sign the labor market could be cooling, but strong pay growth momentum continued. The U.K.’s unemployment rate edged up to 3.7% in the quarter to October, from 3.6% in the preceding three-month period, according to data from the Office for National Statistics released Tuesday. This is in line with economists’ expectations in a poll by The Wall Street Journal.

Job vacancies fell by 65,000 on the quarter to October to 1.187 million, a sign of cooling labor demand in a job market that remains tight by historical standards. The most recent estimate of payrolled employees rose by 107,000 in November. However, there was also a 30,500 increase in jobless claimants, the ONS data showed. Wage growth continued to accelerate despite the increase in unemployment, a sign of further inflation pressures in the pipeline, according to the ONS data. Average weekly earnings excluding bonuses in the three months to October rose 6.1% on year, more …

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