Yahoo News
Job vacancies plunge to seven-year low outside pandemic
Job vacancies plunge to 7-year low; employers freeze hiring due to tax hikes, minimum wage increases; unemployment rate edges up; payrolled employees fall for 3 consecutive months.
2025-05-13 10:30:09
Economy
UK Job Market Faces Significant Challenges
The UK job market is undergoing a notable downturn, marked by the lowest level of job vacancies in seven years. Employers are hesitant to hire due to increased tax burdens and minimum wage hikes, leading to a rise in the unemployment rate, which now stands at 4.5%.
This situation is particularly pronounced in the hospitality and retail sectors. Despite a prolonged period of wage growth, the overall economic climate remains fragile, with many businesses grappling with rising costs and uncertainty.
The Bank of England faces a delicate balancing act, needing to consider interest rate adjustments amid these labor market challenges. As a result, the outlook for employment and economic stability appears increasingly precarious, prompting discussions about potential further tax increases on employers to address fiscal pressures.
The combination of these factors signals a cooling labor market that may impact future economic growth.
Related news on that topic:
The press radar on this topic:
The Guardian
UK wage growth slows and vacancies drop, as labour market cools – business live
Wage growth slowed, jobs market cooling. Experts Thiru, Tao, Hyett: rising costs, uncertainty may drive modest unemployment rise, but BoE may cut rates.
The Guardian
Reeves’s tax rises on employers start to bite as unemployment jumps
The recent increase in employers' national insurance contributions has led to a rise in the unemployment rate, which climbed to 4.5%, the highest in nearly four years. Job vacancies are also decreasing as employers hesitate to hire new staff. While average weekly earnings have shown slight growth, there are concerns about higher prices and reduced profits as employers adjust to increased labor costs. The situation is particularly challenging for sectors like retail and hospitality, and the gov..
The Guardian
Die Arbeitslosigkeit im Vereinigten Königreich steigt auf den höchsten Stand seit fast vier Jahren
Die Arbeitslosenquote im Vereinigten Königreich ist auf 4,5 % gestiegen, den höchsten Stand seit fast vier Jahren, wie das Office for National Statistics (ONS) berichtet. Dieser Anstieg spiegelt eine Verlangsamung des Arbeitsmarktes wider, die durch erhöhte nationale Versicherungsbeiträge der Arbeitgeber und einen höheren nationalen Mindestlohn beeinflusst wird. Die Stellenangebote sind um 5,3 % gefallen, wobei der Bausektor den signifikantesten Rückgang erlebte. Darüber hinaus hat das Lohnwac..
Welcome!
infobud.news is an AI-driven news aggregator that simplifies global news, offering customizable feeds in all languages for tailored insights into tech, finance, politics, and more. It provides precise, relevant news updates, overcoming conventional search tool limitations. Due to the diversity of news sources, it provides precise and relevant news updates, focusing entirely on the facts without influencing opinion. Read moreExpand