UK unemployment rate rises to 3.7% amid cost of living crisis according to ONS
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The Office for National Statistics (ONS) has revealed that the UK's unemployment rate has risen to 3.7% - a rise of 0.2% from the previous quarter. The latest statistics show the proportion of working-age people who were unemployed from September to November.
ONS is a non-ministerial government department that publishes socio-economic data to help inform policy and provide an accurate overview of current trends in the UK. There are many factors that drive unemployment but the ONS has concluded 16-24-year-olds mostly contribute to the current trend.
According to ONS, the number of people out of work for up to six months rose in the latest quarter. Additionally, the six to 12-month employment rate also increased.
However, the unemployment figure for people out of work for longer than a year saw a downward trend. Darren Morgan, ONS director of economic statistics, said: “In the most recent three months, employment levels were largely unchanged on the previous three months.
“However, unemployment rose, driven by more young people who have only recently become unemployed, meaning overall there was a small increase in people actively engaged in the jobs market, whether working or looking for work. Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised.
“The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began.