Data from the Office for National Statistics highlighted several key trends:
- The number of payrolled UK employees declined by 9,000 over the quarter. However, payrolled employees increased by 182,000 compared to September 2023.
- Job vacancies declined by 35,000 from August 2024 to October 2024, marking the 28th consecutive period of falling vacancies.
- Claimant counts increased by 26,700 in October after rising by a downwardly revised 10,100 in September.
Higher Wages Align with BoE’s Inflation Outlook
September’s upswing in average earnings (including bonus) aligned with the BoE’s expectation of persistent inflationary pressures. On November 7, the BoE…
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