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.
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.
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Yahoo News
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The Guardian
Reeves' Steuererhöhungen für Arbeitgeber beginnen zu beißen, da die Arbeitslosigkeit ansteigt
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