UK Jobs Growth Falters While Employment Rate Slips
23 Oct 2023
23 Oct 2023 by Luke Puplett - Founder
The latest labour market statistics from the UK's Office for National Statistics indicate signs of weakness as job creation stalls and the employment rate declines.
Experimental estimates show the employment rate decreased 0.3 percentage points in June-August 2023 compared to the previous quarter. The unemployment and economic inactivity rates also rose.
In further evidence of a slowing jobs market, job vacancies fell for the 15th consecutive quarter in July-September 2023, decreasing by 43,000 across most major industries.
Pay growth remains relatively strong on an annual basis, but monthly growth has been volatile.
Rising interest rates, both domestically and in key trading partner economies, are likely contributing to the slowdown as the Bank of England tries to combat high inflation. However, the full effects of rate hikes may not be felt for some time due to lag effects. The cooling job market may be a necessary trade-off in the fight against inflation, though risks remain.
Regional and demographic disparities persist in employment gains over the past year, with London and Northern Ireland outpacing other areas.
Overall, the data indicates a bumpy recovery, with job creation stalling amid a tightening monetary policy environment aimed at inflation reduction.
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