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Today’s UK labour market release provided further evidence of weakening conditions, with the unemployment rate rising to 5.1% in the three months to October, the highest level since January 2021.
Meanwhile, the number of payrolled employees fell and the number of vacancies remained broadly unchanged, reflecting uncertainty among businesses in the run-up to the Budget.
Annual wage growth continued to ease, with nominal pay growth slowing to 4.6% and real pay growth unchanged at 0.5%.
The loosening in labour market conditions strengthens the case for another rate cut by the Bank of England later this week, with growth concerns increasingly outweighing inflation risks.
Looking ahead, labour market weakness is expected to continue, with the freeze on employers’ National Insurance thresholds and the planned increase in the National Living Wage expected to add to labour cost pressures.
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