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4h ago

UK Unemployment Rises to 4.8% as Vacancies Fall Again and Pay Growth Cools

The ONS urges caution over volatile estimates as it overhauls its labour survey.

People walk past the Bank of England in London's financial district, London, Britain, 17 July 2023. REUTERS/Rachel Adams
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Wage growth in the private sector slowed to 4.4% in the three months through August, the lowest since the end of 2021 and below expectations.
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Overview

  • Job vacancies declined by 9,000 to 717,000 in July–September, marking a 39th straight quarterly drop in openings.
  • Private-sector regular pay growth eased to about 4.4% while public-sector pay rose to roughly 6%, with total pay running at 5.0%.
  • HMRC/ONS data revised August payrolled employees to a 10,000 rise, but the early estimate shows a 10,000 fall in September, both subject to revision.
  • Younger workers drove the rise in unemployment as a record number of over‑65s stayed in work, according to the ONS.
  • Analysts said sticky wage growth reduces the likelihood of near‑term Bank of England rate cuts and increases pressure on Chancellor Rachel Reeves before the 26 November Budget.