In line with market expectations, the UK unemployment rate reportedly rose in October, signaling continued slow growth in the labor market.
The Office for National Statistics (ONS) reported on Tuesday that the unemployment rate rose to 3.7% from 3.6% in the three months to October.
However, what was more surprising was the wage growth which recorded the biggest increase since records began in 2001, excluding the spike during the Covid-19 epidemic.
The financial and business services sector had the biggest wage increase with a 7% jump, followed by wholesale, retail and hospitality.
The figures also show a wide gap between the salary increases earned by private sector workers, 6.9%, and the public service, 2.7%.
The stark difference is likely to fuel protests by civil service workers who went on strike this month over low pay amid inflation surging to a 41-year high.
The release of UK inflation data on Wednesday will be the next focus for investors to see if price pressures in the country have peaked.
The Bank of England (BOE) is expected to raise interest rates for the eighth time in a row at the policy meeting that will take place on Thursday.
