Economic slowdown hits jobs market

Unemployment in the UK remains steady at 4.7%, according to the Office for National Statistics (ONS). However, pay growth has slowed from 5% to 4.6%, and vacancy rates have dropped by 44,000, marking the 37th consecutive decline. Suren Thiru, economics director at the ICAEW, noted that rising employer national insurance costs are impacting hiring. He stated: “The UK jobs market is facing more pain in the coming months.” Recent reports indicate that recruitment intentions are at a record low, particularly affecting young job seekers. Rachel Reeves, the Chancellor, defended Labour’s job creation record but acknowledged the need for further progress.