Market Analytics and Considerations
Key Points
Previous 74k; revised to 79k
- Previously 74k; updated to 79k
- 3.7% ILO unemployment rate in October, vs 3.7% anticipated
- Previous 3.6%
- Average weekly wages in October increased by 6.1% versus the forecasted 3.0-year increase.
- Previous +6.0%
- Average weekly wages for October were +6.1% versus the anticipated +5.9% for the past three years.
- Previous +5.7%
The research continues to demonstrate that the UK labor market is currently in good shape, with a 3.2% increase in payroll employees since February 2020. Despite this, both total and regular wage growth in real terms adjusted for inflation continue to decline, which only highlights how challenging the current conditions of work and life are and explains why the strikes listed here are occurring.
Pay growth dropped by 2.7% from August to October, one of the biggest drops since comparable data began in 2001.
