The UK unemployment rate rose to 5% in the three months to September, marking its highest level since December 2020-February 2021, according to new official figures. This increase, higher than the projected 4.9%, reflects a weakening jobs market and could influence a potential rate cut by the Bank of England.

• The Office for National Statistics (ONS) reported that average wage growth was 4.6% in the third quarter.
• Work and Pension Secretary, Pat McFadden, acknowledged challenges but stated the British economy is still generating jobs.
• The number of people on company payrolls fell by 180,000 (0.6%) in the year to October, exceeding forecasts, though job vacancies slightly increased to 723,000.