UK wages surge as unemployment remains steady but Bank of England faces rates decision

The UK's unemployment rate remained steady at 4.3% over the last three months, according to data from the Office for National Statistics. The number of people claiming jobless benefits rose by 300 in November, a smaller increase than analysts had predicted, after a 10,900 decrease in October.

In contrast, wage growth accelerated over the quarter to October, with average earnings excluding bonuses increasing by 5.2%, surpassing market expectations of 5%. Average earnings including bonuses also jumped 5.2%, beating estimates of 4.6%, as reported by City AM.

Analysts attributed the increase in wage growth partly to the above-inflation public sector pay deals announced last summer. However, private sector earnings growth outpaced that of the public sector, at 5.4% versus 4.3% respectively.

Commenting on the data, MHA's economic adviser, Joe Nellis, stated: "The