The Office for National Statistics reported that UK pay growth is at 5.6%, but unemployment has unexpectedly risen to 4.4%. The labor market is also seeing a continuous decline in job vacancies for 30 months. As employers brace for an increase in national insurance contributions and a rise in minimum wage, they face pressure to manage costs. The British Chambers of Commerce warns of weak workforce growth and hiring difficulties, suggesting a troubling outlook for employment and training in the near future.
"The labour market figures reveal that the employment landscape is under pressure, with hiring difficulties persisting as businesses brace for increased costs and taxation."
"Employers face tough decisions, considering cuts in jobs or recruitment freezes amidst rising costs, including a significant increase in national insurance contributions."
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