UK firms hold off on hiring as job vacancies fall
Summary
UK companies are hiring less, causing a drop in available jobs and a small rise in unemployment. Official numbers show job vacancies decreased by 63,000 between March and May, while the unemployment rate increased slightly.Key Facts
- UK job vacancies fell by 63,000 from March to May.
- The unemployment rate increased from 4.5% to 4.6%.
- Fewer people are on payrolls, with a reduction of 55,000 between March and April.
- Average wage growth slowed to 5.2% from 5.6%.
- Firms may reduce hiring due to increased employment costs, like higher National Insurance Contributions and a rise in the minimum wage.
- Inflation was at 3.5% for the year up to April.
- The Office for National Statistics noted a noticeable decline in the number of workers on company payrolls.
- The data on employment could change with more information from HM Revenue & Customs.
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