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The Office for National Statistics (ONS) has reported a weakening UK jobs market, with a decrease in job vacancies and slower wage growth. According to the latest figures, the annual rate of pay growth between March and May slowed to 5%, while the unemployment rate increased to 4.7%. Additionally, the number of vacancies dropped to 727,000 for the April to June period, marking three consecutive years of declining job openings.
Economists believe that the Bank of England may opt to cut interest rates at its upcoming meeting to stimulate the labor market. Bank of England governor Andrew Bailey hinted at potential larger interest rate cuts in an interview with the Times earlier this week if there are signs of a slowdown in the jobs market. While most economists are anticipating a rate cut, some caution against encouraging spending while inflation is still on the rise.
Survey data analyzed by the ONS indicates that certain firms may not be actively recruiting new employees or filling vacant positions left by departing staff. The number of job vacancies is currently at its lowest level in a decade, excluding the sharp decline experienced during the pandemic when lockdown measures restricted firms from hiring. Despite the rise in the unemployment rate, the ONS has advised interpreting these figures with caution due to issues with data collection methodologies
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