'Cracks are starting to appear' in UK labour market as unemployment rises to 4.4%

As vacancies fall by 24,000

The UK unemployment rate rose to 4.4% in September to November, exceeding estimates and increasing on the last quarter, according to data from the Office for National Statistics.

At the same time, the estimated number of payrolled employees fell by 32,000 between October and November 2024, although was up 95,000 from a year prior. Cost of Labour Force Survey revamp nearly doubles in a year to £40.4m In the three months to November, however, the number of payrolled employees decreased by 11,000, while the number of vacancies dropped 24,000 in the last quarter of the year to 812,000. Richard Carter, head of fixed interest research at Quilter Cheviot, argued that even though the UK labour market had been holding "relatively steady" as it faced many economic he...