UK jobless rate rises to 4.4%

The United Kingdom's unemployment rate increased to 4.4% between September and November 2024, surpassing market expectations and up from 4.3% in the prior two periods.

UK jobless rate rises to 4.4%

This represents the highest level since the three months ending in May, primarily due to a rise in individuals unemployed for up to 12 months. Compared to the same period in 2023, there were increases in both short-term (up to 12 months) and long-term (over 12 months) unemployment. Meanwhile, the number of employed individuals grew by 35,000, reaching 33.78 million, with annual growth driven by gains in full-time employees and self-employed workers. The share of workers with second jobs declined, accounting for 3.7% of total employment. The economic activity rate also edged down slightly to 21.6% from 21.7% in the previous period.

Employment rose in the three months to November Employment in the UK rose by 36,000 units in the three months to November 2024, a slowdown from the 173,000 increase in the previous period but close to market expectations of 35,000. This marked the eighth consecutive three-month period of job growth, though it was the smallest increase since the three months ending in April. The employment rate for those aged 16 to 64 slipped by 0.1 percentage points to 74.8%. Annually, the number of employed individuals surged by 438,000, driven by growth in full-time employment and self-employment.