- UK headline unemployment increases from 4.3% to 4.4% between October and December.
- The increase represents the first time since 2016 that the unemployment rate has risen, and the sharpest increase in nearly five years.
- ONS data shows that average wages increased more than expected over the same period, climbing 2.5%.
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UK unemployment rose at its quickest level in almost 5 years — as wages continue to grow ahead of expectations
The UK's unemployment rate increased from 4.3% to 4.4% over the most recent data period.
LONDON – Unemployment in the UK unexpectedly rose between October and December last year, according to new data released by the Office for National Statistics on Wednesday.
The headline unemployment rate, which measures the percentage of the British workforce who want a job, but don't have one, was 4.4%, up from the previous reading of 4.3%.
Overall, there were 1.47 million unemployed Brits (those
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Wednesday's data marks the first time in a significant period of time that the UK's headline rate of unemployment has climbed, after several years of steadily declining joblessness. The number of people out of work has fallen so far in recent years that some commentators have described the situation as Britain's "jobs miracle."
Here's the chart showing the small upward move in unemployment in the last three months:
Elsewhere, average earnings beat forecasts, the ONS said, with earnings (both including and excluding bonuses) increasing by 2.5% over the data period, compared to an expectation of 2.4% growth.
"Earnings continue to grow more slowly than prices," Hughes said.
The Bank of England, however, expects real wage growth to move into positive territory during 2018.
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