UK employers cut job vacancies as Burnham aims to lift living standards
Summary
UK employers reduced the number of job vacancies in May, reaching 712,000, which is about half the number from 2022. Unemployment stayed at 4.9%, and private sector pay growth slowed, showing challenges in the UK job market as the government works to improve living standards.Key Facts
- Job vacancies dropped to 712,000 in May, nearly half of the amount in 2022.
- Unemployment remained steady at 4.9% between April and May.
- Private sector earnings growth fell to 2.9%, with total pay rises including bonuses at 4.3%.
- Economists had expected average pay rises of 4.5% and unemployment to increase to 5%.
- Unemployment has increased from a low of 3.6% in summer 2022 to a peak of 5.2% last year.
- High employment taxes, the conflict in Iran, and economic uncertainty are causing firms to hire less and limit pay increases.
- Falling pay growth may reduce pressure on the Bank of England to raise interest rates to control inflation.
- The UK government plans a 10-year economic strategy to raise living standards across regions.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
