3 months ago
Economic Indicators

UK Unemployment Rate Holds at 4.1%, Wage Growth Hits 10-Year High

Investing.com - The UK unemployment rate remained unchanged in October, while wage inflation picked up to its fastest pace in

Investing.com - The UK unemployment rate remained unchanged in October, while wage inflation picked up to its fastest pace in 10 years, according to official data released Tuesday.

The Office for National Statistics reported that the unemployment rate was 4.1% in October, unchanged from a month earlier and in line with expectations.

Average earnings, excluding bonuses, rose by an annualized 3.3% in the three months to October, up from 3.2% in the three months to September.

Including bonuses, pay growth also rose by an annualized 3.3%, above expectations for 3.0%.

It was the fastest increase in wage growth since the financial crisis a decade ago and means that wages are still outstripping inflation, which rose at an annual rate of 2.2% in October.

The number of people unemployment in the UK rose by 20,000 in August-October. The total number of people unemployed rose to 1.38 million, up from 1.36 million in the three months to July.

But there were also 79,000 more people in work than in May-July, taking the total to 32.48 million.