"The employment rate came in at 75.0% in the three months to September, versus 75.1% in August. Unemployment came in at 5.0%, in September, versus 4.8% in August and market expectations of 4.9% and economic Inactivity in the three months to September came in at 21.0%. Annual total earnings growth came in at 4.8%, versus 5.0% in the previous three-month period, and market expectations of 4.9%."
"Not only has the unemployment rate risen, but wage growth, albeit still rising ahead of inflation continues to shrink. There can be no doubt that the fiscal levers pulled by the Government and the Chancellor have significantly contributed to these figures and the responsibility lies at their feet. With speculation around the Budget reaching fever pitch, businesses have postponed hiring and are less likely to commit to any form of investment until they know where the economic land lies."
Employment rate stood at 75.0% in the three months to September, down from 75.1% in August. Unemployment increased to 5.0% in September from 4.8% in August, exceeding market expectations, while economic inactivity was 21.0%. Annual total earnings growth slowed to 4.8% from 5.0%, below expectations. The rise in unemployment is characterized as a self-inflicted wound and shrinking wage growth is linked to recent government fiscal measures. Budget uncertainty and anticipated further tax rises have reportedly led businesses to postpone hiring and delay investment, raising downside risks for employers and employees.
Read at London Business News | Londonlovesbusiness.com
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