The UK’s unemployment rate increased by 0.3 percentage points to 4.3% during the July-September period, as reported by the Office for National Statistics (ONS). This rise means that more than 1.48 million people in the UK were unemployed in this period, which exceeded market expectations of a 4.1% unemployment rate.
Meanwhile, the employment rate remained largely unchanged at 74.8%, with 33.3 million people in employment. The rate of economic inactivity, which refers to individuals who are neither working nor seeking work, decreased to 21.8%. The ONS highlighted that this figure reflects those who are unable to start work in the immediate future or have not been looking for work in the past four weeks.
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