UK unemployment rate rises for a second month in a row

The unemployment rate in Britain has been rising for the second month in a row. At the same time, data released on Tuesday showed signs that the labour market is stabilizing. This includes an increase in the number of elderly people interested in looking for work.

Nevertheless, after a possible rate hike on Thursday, there could be the strongest rise in basic wages on record.  This could be the steepest increase, not counting the pandemic period. 

The ONS reported that the unemployment rate rose to 3.7%, up from 3.6% for the third quarter.

In addition, regular payrolls rose 6.1% between August and October. This increase is considered the largest since records began in 2001. The exception would be the jump during COVID-19, when figures were skewed by lockouts and government support measures. Total payrolls, including bonuses, also increased 6.1% year-over-year, ONS said.