The number of people out of work has risen slightly according to the latest figures. The rate of UK unemployment rose to 3.7% in the three months to October, up from 3.6% in the previous three months, the Office for National Statistics said.
The data also showed that vacancies dropped by 65,000 in the three months to November to 1.9 million – the fifth quarterly fall in a row and the first annual fall since the beginning of last year. But the figures signalled that more people are choosing to return to work, with the inactivity rate falling to 21.5% as those in their 50s opt to go back to work at a time of rocketing costs.
The ONS said regular wages, excluding bonuses, rose by 6.1% in the three months to October – a record outside of the pandemic – as firms face increasing pressure to increase earnings. But wages continued to be outstripped by rising prices, falling by 3.9% after Consumer Prices Index inflation is taken into account.
