Unemployment up to 4.8% | 국외연구자료 | KDI 경제교육·정보센터

KDI 경제교육·정보센터

Economic Information and Education Center

최신자료

Unemployment up to 4.8%

NIESR

2025.10.15

Growth in regular average weekly earnings recorded 4.7 per cent in August 2025, and 5.0 per cent if we include bonuses. Hiring activity continues to slow, with unemployment rising to 4.8 per cent in today’s figures, a four-year high. We expect wage growth to continue falling towards 4 per cent by year-end as the labour market continues to cool. Workers continue to improve their living standards, although at a slower pace due to inflation picking up and pay growth easing. Growth in real regular pay recorded 0.6 per cent in August, down from 2.1 per cent in January of this year. Services sector pay growth remains elevated at 5.1 per cent, exerting upward pressure on domestic inflation “Today’s ONS figures show that annual wage growth recorded 4.7% in the three months to August 2025 and 5.0% if we include bonuses. Employers have been steadily slowing recruitment amid rising costs and uncertainty over the economic outlook, with the unemployment rate rising to 4.8% in today’s figures. We therefore expect wage growth to slow to 4% by year-end. With inflation picking up and pay growth easing, workers’ standards of living are improving only marginally compared to earlier this year. The Chancellor has ruled out raising the tax burden on working people, which would further hinder living standards if implemented. And while not highly likely in the November budget, higher taxes on businesses could intensify inflationary pressures and raise unemployment, which is already at a four-year high”.

목록보기