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The labor market in the UK appears to be cooling off, based on the latest official figures that show a decrease in job vacancies and the number of people on payrolls. According to the Office for National Statistics (ONS), job openings dropped by 5.8% to 718,000 between May and July across almost all industries. There is evidence suggesting that some companies are hesitant to hire new employees or replace those who have departed.
Initial estimates also show a decline in the number of payrolled employees between April and June, with the most significant decrease seen in the hospitality and retail sectors. Liz McKeown, the director of economic statistics at the ONS, noted that the recent data indicates a continued cooling of the labor market. Despite this, the slowdown was not as severe as some experts had predicted.
Average wage growth remains steady at 5%, the unemployment rate remains unchanged at 4.7%, and a slight decrease in the number of people on payrolls in June and July suggests a gradual cooling, former Bank of England policymaker Andrew Sentence explained. He highlighted that there are more than 30 million individuals on employer payrolls in the UK, emphasizing the resilience of the labor market
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