Job vacancies fall to lowest level in five years
Summary
The number of job openings in the UK dropped to the lowest point in five years, especially in hospitality and retail sectors. The unemployment rate slightly increased to 5%, and wage growth slowed down after adjusting for inflation.Key Facts
- UK job vacancies are at their lowest level in five years.
- Hospitality and retail sectors saw the biggest decreases in job openings.
- The unemployment rate rose from 4.9% to 5% between February and March.
- Average pay growth slowed to 3.4% in the first quarter of the year.
- After accounting for inflation, pay increased by only 0.3%.
- The Office for National Statistics (ONS) reported these figures.
- The labor market shows signs of weakness with fewer vacancies and higher unemployment.
- The data covers the three months leading up to March.
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