The rate of UK unemployment rose to 4.4 per cent in the three months to November, official figures have shown.
This is up from 4.3 per cent in the three months to October.
The UK’s average regular earnings growth increased to 5.6 per cent in the three months leading up to November.
After adjusting for inflation, this growth was 3.4 per cent, according to the Office for National Statistics.
After adjusting for inflation, this growth was 3.4 per cent, according to the Office for National Statistics.
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The employment rate was 74.8 per cent, which is lower than the previous three months and economic inactivity dropped slightly to 21.6 per cent, down by 0.1 per cent from the previous quarter.
From October to December 2024, there were an estimated 812,000 job vacancies, a decrease of 24,000 (or 2.9 per cent) compared to July to September.
In November, the average weekly earnings were £705 for total earnings and £660 for regular earnings.
Following Chancellor Rachel Reeves buget, and change to to National Insurance, some businesses have already scaled back on pay rises and hiring in 2025.
Alice Haine, personal finance analyst at Bestinvest said: “Wage growth was robust in November, but it may dip in December when some employers chose to scrap or reduce Christmas bonuses in reaction to the Chancellor’s new tax measures.
“[They will] batten down the hatches in preparation for the hit coming in April from the increased rate of employer National Insurance and lowering of the wage threshold at which it applies, along with increases to the minimum wage.”
