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UK job vacancies fall as unemployment stays at 4.9%
Job vacancies declined to 712,000 in the three months to May, while private sector earnings growth cooled to 2.9% in the same period.
UK employers cut hiring, with job vacancies falling to 712,000 in the three months to May, nearly half of the level in 2022, while unemployment stayed unchanged at 4.9%, according to UK official data cited by The Guardian.
The report ties the softer jobs picture to a fragile economic outlook, with hiring decisions influenced by uncertainty and economic turbulence linked to the conflict in the Middle East.
It also said private sector earnings growth dropped to 2.9%, leaving average pay growth at 4.3% including bonuses, compared with economists’ forecast of stronger pay growth.
Economist Suren Thiru of ICAEW characterized the figures as pointing to a fragile labour market, citing high employment taxes and staffing cost pressures that have led some firms to limit recruitment and adjust pay awards.