According to official figures released on Tuesday, the UK unemployment rate has slightly increased to 3.7%.
According to a statement from the Office for National Statistics, the unemployment rate rose from 3.6 percent in the three months to the end of September to 4.1 percent in the three months to the end of October.
High inflation is continuing to compress wages at the same time, which has led to widespread strike action in Britain.
“The number of working days lost jumped again in October, reaching the highest monthly level in almost 10 years,” according to Sam Beckett, Head of Economic Statistics at the ONS.
Reacting to the data and seemingly addressing strikers who are demanding big pay rises, finance minister Jeremy Hunt said that “any action that risks embedding high prices into our economy will only prolong the pain for everyone, and stunt any prospect of long-term economic growth.”
He added in a statement, “While unemployment in the UK remains close to historic lows, high inflation continues to plague economies around the world.”
UK Unemployment Rate Hits 3.6% – Official Figures
UK annual inflation stands at more than 11 percent, the highest level in four decades, after energy bills and food prices have soared.
“With the (UK) economy likely already in recession, we expect unemployment to start trending upwards from the first half of next year,” noted Yael Selfin, chief economist at KPMG UK.
“Our forecast sees the unemployment rate reaching 5.6 percent by mid-2024, representing an increase of around 670,000 people.”
AFP
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