Tue, 13 May 2025

Tue, 13 May 2025 UK jobs market continues to weaken

The number of workers on payrolls fell in the first three months of the year, official figures show.

* The number of workers on payrolls in the UK fell by 47,000 in March and an estimated 33,000 in April.
* Job vacancies declined again, with an estimated 42,000 fewer vacancies in February to April compared to the previous quarter.
* Unemployment rate increased to 4.5% in January-March period from 4.4% previously.
* Regular earnings grew at an annual pace of 5.6% in first three months of year, but wage growth slowed.
* Analysts suggest that increase in employer National Insurance contributions and minimum wage may be having an effect on the job market.
* Bank of England's interest rate cuts last week are likely to continue with caution due to strong wage growth still.
* Unemployment figures should be treated with caution due to low response rates to survey.
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