Claimant count unemployment showed a slight rise of 300 from a significantly revised fall of -10,900 in the previous month. The rate was 4.6 percent, unchanged from the revisions of the last month. The ILO unemployment rate rose slightly from a downwardly revised 4.2 percent in the previous month to 4.3 percent between August and October, 0.1 percentage points below the consensus of 4.4 percent, suggesting a slight rise in the broader unemployment situation. On this definition, joblessness was up 22,000 to 1.508 million between August and October, compared to the previous period. However, employment rose by a very healthy 173,000.

The early estimate of payrolled employees for November 2024 increased by 35,000 on the month, the first rise over the month in the last six months but increased by 76,000 over the year, while the August to October vacancies were off 31,000 and at 818,000, their 29th consecutive decrease but are still above pre-COVID-19 levels. Meanwhile, average earnings for both regular and total earnings saw annual growth in the three months to October rise to 5.2 percent.

In summary, the UK labour market reflects a delicate balancing act, with emerging signs of weakness offset by resilience in employment and accelerating wage growth. While joblessness and vacancies remain areas of concern, robust hiring and earnings suggest underlying stability, albeit amidst shifting economic expectations. The latest update takes the UK RPI to 14 and the RPI-P to 8, meaning that economic activity, in general, is performing slightly ahead of market expectations.

ILO unemployment is expected at 4.4 percent versus 4.3 percent in the last reading. Earnings are seen at 4.6 percent versus 4.3 percent in October.

The Labour Market Report covers a number of key areas of the jobs market. Unemployment is updated on the basis of two separate surveys: the claimant count, which measures the number of people claiming unemployment-related benefits, and the more reliable but lagging International Labour Organization's (ILO) measure that excludes jobseekers that did any work during the month and covers those people who are both looking and are available for work. Average earnings growth, a key determinant of inflation, is also updated.

The labour market survey gives the most comprehensive report on how many people are looking for jobs, how many have them and what they are getting paid and how many hours they are working. These numbers are the best way to gauge the current state as well as the future direction of the economy.

The survey also provides information on wage trends, and wage inflation is high on the Bank of England's list of enemies. Bank officials constantly monitor this data watching for even the smallest signs of potential inflationary pressures, even when economic conditions are soggy. If inflation is under control, it is easier for the Bank to maintain a more accommodative monetary policy. If inflation is a problem, the Bank is limited in providing economic stimulus - it must stay within range of its mandated inflation target.

By tracking the jobs data, investors can sense the degree of tightness in the job market. If wage inflation threatens, it is a reasonable bet that interest rates will have to rise and bond and stock prices will fall. In contrast, when jobs growth is slow or negative, then interest rates are more likely to decline - boosting bond and stock prices in the process.