Norway Jobless Rate Rises 0.1% in December

Norway Jobless Rate Rises 0.1% in December

Rising employment in 2017 was driven by United Kingdom nationals, the ONS said. They may also fuel speculation that the Bank of England could raise interest rates again as early as May after policy makers said the Brexit vote had lowered the pace the economy can grow without fanning inflation.

However, the Office for National Statistics added that despite the increase in the jobless rate, the total number of those in work increased by 88,000 and that there was a 109,000 fall in the number of people classed as economically inactive.

Unemployment has increased by the biggest amount in nearly five years, while earnings continue to grow more slowly than prices, new figures reveal.

Wage growth has remained floored by inflation and will potentially dampen the prospect of another interest rate rise in May, critics have suggested.

The number of unemployed rose by 46,000 from the September quarter to 1.47 million.

"Rising unemployment is disappointing, but job vacancies reaching another record shows that businesses are creating opportunities". There were 32.15 million people in work.

More news: All you need to know about Samsung Galaxy S9 and S9+

The UK's unemployment level has unexpectedly risen by the biggest amount in nearly five years, official figures show.

United Kingdom unemployment increased unexpectedly at the end of a year ago but wage data was mixed, which may stoke some further speculation about the Bank of England's likely path for interest rate hikes.

That was still weaker than the 3.0 percent reading of British consumer price inflation for December and the ONS said wage growth in real terms dropped by an annual 0.3 percent over the fourth quarter. In particular, fewer citizens from eastern European countries were in work than in the year before.

The independent Office for Budget Responsibility (OBR) said it meant borrowing for the fiscal year to the end of March would come in lower than it had previously forecast "by a significant margin".

"Earnings continue to grow more slowly than prices".

TUC general secretary Frances O'Grady said: "Nobody should have to rely on a zero-hours contract for their main job, but over 900,000 workers remain stuck in that situation".

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