UK unemployment rose to 5.1% in October from 5.0% in September, according to the Office for National Statistics. Payrolled employment declined in November, with earnings growth slowing. The unemployment rate for those aged 16 and over increased to 5.1%, while the employment rate for 16-64 year-olds slipped to 75%.

Average weekly earnings growth softened to 4.7% in the three months to October, down from 4.9%. In the private sector, total pay growth eased to 4.0%. Real terms pay rose by 0.6% year-on-year. Payroll data showed a decline of 22,000 employees in October and 149,000 year-on-year.

Vacancies remained stable at 729,000 in the three months to November. The claimant count rose slightly in November but was lower than a year earlier at 1.68 million. Businesses paused hiring before the budget, and measures have not encouraged them to resume. Concerns about rising national insurance costs and increased bills are causing hesitation in making commitments.

Read more at Morningstar: UK Unemployment Rises as Payrolls and Pay Growth Slow