The UK Unemployment Rate has increased to 4.4% for the period from September to November 2024. This marks a slight rise from the previous rate of 4.3%, which had been steady for the past two periods. The latest figure reflects the highest unemployment rate since the three months ending in May 2024, primarily driven by an uptick in individuals who have been unemployed for up to 12 months.

Unemployment Trends: A Closer Look

The rise in the unemployment rate is linked to a notable increase in both short-term and long-term unemployment. Specifically, there was a rise in the number of individuals unemployed for up to 12 months, as well as those who have been unemployed for longer periods, compared to the same time last year. This trend reflects a challenging labor market as some workers are facing extended periods of joblessness.

Employment Growth Amidst Rising Unemployment

Despite the uptick in unemployment, the number of employed individuals has seen growth, with a rise of 35,000 workers, bringing the total number of employed individuals to 33.78 million. This growth was largely driven by an increase in full-time employees and self-employed workers. Additionally, the number of people holding second jobs has declined, now representing only 3.7% of all employed individuals, a drop from previous years.

Read More: Sharp Decline in UK Factory Orders

Economic Activity Rate Declines Slightly

In parallel, the UK’s economic activity rate has experienced a slight decline, dropping to 21.6% from 21.7% in the previous period. This small decrease reflects a marginal reduction in the number of people either working or actively looking for work. As these trends continue, the broader economic outlook for the UK may be influenced by these shifts in the labor market.

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