UK November ILO unemployment rate 5.1% vs 5.1% expected

The UK ILO unemployment rate for November remained steady at 5.1%, matching expectations, while employment change showed a significant increase of 82,000 against an expected 30,000. This followed a revision of a prior decrease of 16,000. Average weekly earnings nudged up by 4.7%, beating the forecast of 4.6%. However, December payrolls reflected a decline of 43,000, slightly worse than the previous -38,000. Despite the stable unemployment rate, the labor market appears to be softening, with payrolls indicating a further decrease. The wage data has maintained some resilience, suggesting that consumer prices may still pose challenges for the Bank of England in deciding future policy. The ongoing concerns regarding data quality in the UK labor market report indicate that this aspect will continue to be a factor in understanding the overall economic conditions going forward.