UK unemployment rate rises to 5% as jobs market weakens

UK unemployment rate rises to 5% in three months to September, the highest since early 2021, as the jobs market weakens, according to the Office for National Statistics (ONS). Average wage growth in the third quarter was 4.6%, down from 4.7% in the prior three months. The ONS warns about the weakening labor market, despite job vacancies remaining steady, while the Bank of England predicts unemployment to linger around 5% in the coming years. Work and Pensions Secretary Pat McFadden highlights efforts to boost job creation, contrasting with Conservative criticism over declining employment under Labour's watch.