UK jobs market continues to weaken
Summary
The UK job market has weakened, with fewer people on payrolls and reduced job vacancies early in the year. Despite slower growth, wages are still rising faster than inflation, while the unemployment rate slightly increased.Key Facts
- The number of people on company payrolls in the UK dropped by 47,000 in March and an estimated 33,000 in April.
- Job vacancies in the UK fell by 42,000, bringing the total to 761,000 from February to April 2025.
- Regular wages, which do not include bonuses, increased by 5.6% annually in the first three months.
- The unemployment rate rose slightly from 4.4% to 4.5% between January and March.
- The data about unemployment rates should be viewed cautiously due to low response rates in surveys.
- In April, both higher employer National Insurance contributions and a rise in the National Living Wage took effect.
- The Bank of England reduced interest rates and suggested more cuts might follow, aiming to address economic changes.
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