UK Labour Market Report November 2026
November 17 @ 2:00 am - 3:00 am
UK Labour Market Report November 2026
Next UK Labour Market Report: Tuesday, at 7:00 am GMT (2:00 am ET, 7:00 am London).
- Consensus
- Not yet published
- Prior
- 4.9% unemployment rate
- Actual
- Pending
Full schedule and background: UK Labour Market Report.
Updated
The UK Labour Market Report for November 2026 is published by the Office for National Statistics (ONS) on Tuesday, November 17, 2026 at 7:00am London time (2:00am ET). It covers labour market data for the three months to September 2026, alongside a single month of payrolled employee figures for October 2026. Full background and the release schedule for this series is available on the UK Labour Market Report hub page.
What is the UK Labour Market Report?
The UK Labour Market Report, officially titled “Labour market overview, UK”, is the ONS’s monthly summary of employment, unemployment and pay across the United Kingdom. It combines results from the Labour Force Survey (LFS), a household survey of around 40,000 people, with administrative payroll data supplied by HM Revenue and Customs (HMRC) through Real Time Information (RTI) on pay-as-you-earn employment.
The headline figures are the unemployment rate (the share of the working-age population who are without a job and actively looking for one), the employment rate (the share who are in work), and economic inactivity (people neither working nor seeking work, including students, carers and the long-term sick). Alongside these sits average weekly earnings, which measures wage growth both including and excluding bonuses, and is often called “regular pay growth” when bonuses are stripped out.
Markets watch this release because the Bank of England’s Monetary Policy Committee treats the labour market as one of the clearest signals of domestic inflation pressure. Persistently strong wage growth can keep services inflation elevated, while rising unemployment or falling vacancies can be read as evidence that the economy is cooling enough to bring inflation back to target. The report therefore feeds directly into expectations for UK interest rates, gilt yields and sterling.
When is the November labour market report released?
The ONS is scheduled to publish this bulletin on November 17, 2026 at 7:00am London time (2:00am ET), in line with its usual practice of releasing labour market data on a Tuesday morning. The release appears on the ONS release calendar and on the dedicated labour market bulletin page on ons.gov.uk. Because of the lag in Labour Force Survey processing, the headline unemployment, employment and inactivity rates in this bulletin will cover the rolling three-month period from July to September 2026, while payrolled employment and vacancies figures will be more current, generally running to October 2026.
What is the consensus forecast?
As of now, a consensus forecast for the November 2026 UK Labour Market Report has not yet been published. City economists and data providers such as Reuters and Bloomberg typically issue their median forecasts for unemployment, employment change and average earnings growth only in the days immediately before the release, once September and October data trends become clearer. This page will be updated once a consensus becomes available.
The most recent confirmed reading, from the ONS bulletin covering April to June 2026 (published in August 2026), showed the unemployment rate at 4.9%, up 0.2 percentage points on the year but down 0.1 percentage points on the previous quarter. Payrolled employee numbers fell by 78,000 (0.3%) year-on-year to June 2026.
| Measure | Prior reading | Consensus forecast |
|---|---|---|
| Unemployment rate | 4.9% (April to June 2026) | Not yet published |
| Payrolled employees (year-on-year change) | -78,000 (-0.3%) to June 2026 | Not yet published |
What the result could mean
| Scenario | Likely market read | What it means in plain English |
|---|---|---|
| Above consensus (unemployment higher, or pay growth weaker, than expected) | Sterling could soften and gilt yields could fall, as traders price a higher chance of a Bank of England rate cut | A weaker labour market often signals slower future inflation, so the central bank may feel more comfortable cutting borrowing costs |
| In line with consensus | Limited immediate market reaction, since traders had already priced this outcome into rate expectations | The data confirms what was already expected, so mortgage and savings rates are unlikely to move much on the day |
| Below consensus (unemployment lower, or pay growth stronger, than expected) | Sterling could firm and gilt yields could rise, on reduced expectations of near-term rate cuts | A tighter labour market with strong pay growth can keep inflation pressure alive, making the Bank of England more cautious about cutting rates |
These are possible market reactions based on how similar releases have been interpreted in the past, not predictions of what will happen in November 2026.
Why does this release matter right now?
The UK labour market has been gradually loosening through 2025 and 2026. ONS data show the unemployment rate rising from around 4.8% in the June to August 2025 period to 5.2% by the October to December 2025 quarter, before easing back toward 4.9% by mid-2026. Payrolled employee numbers have fallen year-on-year in every recent bulletin, reflecting employer caution around hiring amid higher payroll taxes and National Insurance costs introduced from April 2025.
The Bank of England has repeatedly said it is watching wage growth and vacancy levels closely as it weighs further interest rate moves. A cooling jobs market, if it continues, gives the Monetary Policy Committee more room to cut rates without worrying that pay rises will keep pushing up prices in shops, restaurants and other services. Commentary from outlets such as Indeed Hiring Lab has described the labour market as continuing to soften into late 2025, with youth unemployment reaching its highest level in over a decade.
Because the Bank of England’s next rate decisions are informed directly by this data, and because the UK labour market often moves in tandem with, or slightly ahead of, trends in the eurozone and the United States, this release is watched well beyond UK borders by investors positioning in sterling, gilts and European equities.
What It Means for Your Money
- Mortgages and loans: a weaker labour market that raises the odds of a Bank of England rate cut can, over time, feed through to lower fixed and tracker mortgage rates, though lenders typically react to the broader trend rather than a single month’s figures.
- Savings: if rate cut expectations build, banks and building societies tend to trim savings rates in anticipation, so savers may want to compare fixed-rate deals before rates move.
- Jobs and wages: falling vacancies and rising unemployment generally mean less bargaining power for workers negotiating pay rises, and can make it harder to switch jobs or negotiate a promotion.
- Prices: slower wage growth typically eases pressure on services inflation over time, which can help bring down the cost of everyday services such as haircuts, restaurant meals and other labour-intensive purchases.
- Investments, pensions and the pound: UK gilts, equities and sterling can all move on this data as it shifts expectations for interest rates; a weaker reading tends to pressure the pound lower against the dollar and euro, which can raise the price of imported goods and holidays abroad, while a stronger reading can support sterling.
Related events
- Previous release: UK Labour Market Report, October 2026
- Hub page with the full schedule and background: UK Labour Market Report
- Related UK data: the ONS Consumer Price Index (CPI) release and the Bank of England’s Monetary Policy Committee decisions, both of which respond closely to labour market trends
Frequently Asked Questions
What time is the November 2026 UK Labour Market Report released?
The ONS publishes the report at 7:00am London time (2:00am ET) on November 17, 2026.
What period does the November report cover?
The headline unemployment, employment and inactivity rates cover the three months to September 2026, while payrolled employee figures are typically more current, covering October 2026.
How does this report affect UK interest rates?
The Bank of England uses labour market and wage growth data as a key input when deciding whether to raise, hold or cut interest rates, since a tight jobs market with strong pay growth can sustain inflation pressure.
Where can I find the official release?
The bulletin is published on the ONS release calendar under “Labour market overview, UK”.
When is the next UK labour market report after this one?
The ONS publishes this bulletin monthly, so the next release is expected in December 2026, following the ONS’s regular schedule.