UK JOB MARKET SLIDES AS BUSINESSES PULL BACK – Between March and May, job vacancies plummeted by 63,000
Britain’s job market is showing warning signs as businesses cut back on hiring, with fewer replacements and new roles being created.
Between March and May, job vacancies fell by 63,000, dropping to 736,000 available roles, a sharp decline that highlights growing pressure on the labour market.
Recent rises in employer National Insurance and the minimum wage, while helping workers, have added strain without enough support for businesses.
The Office for National Statistics confirmed the slowdown, reporting 55,000 fewer people on payrolls between March and April, with another 109,000 jobs expected to be lost in May.
The unemployment rate has risen to 4.6%, the highest in nearly four years, with experts warning it could climb further.
Wage growth is also slowing, dipping to 5.2%, which, although above inflation, isn’t enough to ease the squeeze on household budgets amid ongoing economic uncertainty.
