Unemployment rate rises to 3.6%

The unemployment rate for July to September 2022 increased by 0.2% on the quarter to 3.6, according to the latest statistics from the ONS.

The UK employment rate for July to September 2022 was 75.5%, largely unchanged from the previous quarter and 1.1% lower than before the coronavirus pandemic.

Over the latest three-month period, the number of employees decreased, while self-employed workers increased. The ONS said the most timely estimate of payrolled employees for October 2022 shows another monthly increase, up 74,000 on the revised September 2022 figures, to a record 29.8m.

Meanwhile, the economic inactivity rate increased by 0.2% on the quarter to 21.6% in July to September 2022. During the latest three-month period, the increase in economic inactivity was driven by those who are long-term sick, who increased to a record high.

In August to October 2022, the estimated number of vacancies fell by 46,000 on the quarter to 1,225,000. Despite four consecutive quarterly falls, the number of vacancies remain at historically high levels.

Growth in average total pay (including bonuses) was 6.0% and growth in regular pay (excluding bonuses) was 5.7% among employees in July to September 2022. This is the strongest growth in regular pay seen outside of the coronavirus pandemic period.