Unemployment in the UK rises to 3.7% despite record-high base wages

The Office for National Statistics (ONS) said Monday that the unemployment rate rose 3.7% nationally in the August-October quarter of 2022, while base wages rose to a record high.

The Bank of England (BoE) is closely monitoring wage increases. At the same time, it is trying to assess the risks of a long-term inflation problem caused by a tight labor market in the country.

Base wages also rose 6.1% in the August-Oct 2022 quarter, exceeding expectations and the largest increase since records began in 2001.

According to ONS, the inactivity rate was 21.5% in the August-October quarter, down 0.2 percentage points from the previous quarter. However, it was 1.3 percentage points higher than before the outbreak of COVID-19.

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