Unemployment came in at 5.1%, in October, versus 5.0% in September and market expectations of 5.1%.
Annual total earnings growth came in at 4.7%, versus 4.8% in the previous three-month period, and market expectations of 4.4%.
Isaac Stell, Investment Manager at Wealth Club said, “The rate of UK unemployment continued to edge up during October, as the confidence sapping budgetary pre-amble took its toll on the UK jobs market.
“With all the noise, speculation and damaging sentiment, it is no surprise that UK businesses put off hiring in October. These figures should come as no surprise to the Chancellor and the Government, businesses need an environment of confidence in order to thrive, it is clear to anyone that this has been lacking in the recent past.
“Despite unemployment ticking up, pay growth came in far higher than expected, good news for those in employment with the Christmas shopping season firmly underway.
“These latest figures coupled with very weak GDP growth last week will give the Bank of England sufficient reason to cut interest rates at its meeting on Thursday. This is despite inflation sitting stubbornly at 3.6% as of October. Further rate cuts from there onwards however will become progressively more difficult to justify as the competing forces vie for importance.”
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