According to the report from the Office for National Statistics (ONS), the unemployment rate (for people aged 16 years and over) was estimated at 4.3% in October, which coincided with economists' forecasts and the September reading. This is above estimates of a year ago, and up in the latest quarter (+0,1%). The economic inactivity rate was estimated at 21.7% in August to October. This is below estimates of a year ago, and down in the latest quarter (-0,2%).
The ONS said that in August to October, payrolled employees fell by 22,000 (-0.1%) over the quarter but rose by 160,000 (+0.5%) over the year. The claimant count increased in October by 300 on the month, to 1.769 million. Economists had expected an increase of 28,200 after falling by 10,900 in October (revised from +26,700). Meanwhile, in September to November, the estimated number of vacancies decreased by 31,000 q/q, to 818,000. Vacancies decreased on the quarter for the 29th consecutive period but are still above pre-coronavirus pandemic levels.
The data also showed that from August to October, the growth in average total pay (including bonuses) and regular pay (excluding bonuses) was 5.2% per annum (+4.3% in the previous three months) and 5.2% per annum (+4.9% in the previous three months). Economists expected an increase by 4.6% and 5.0%, respectively. Adjusted for inflation, wage growth in real terms was 2.2% for total pay and 2.2% for regular pay.