Annual earnings growth in the UK labor market has eased to 4.3%, down from 5.7% in the previous quarter. Pay deals are adapting to lower inflation, evident in the decline in growth from 5.8% to 5.4% after excluding bonuses.
Despite declining job vacancies for the 25th consecutive month, the number of people employed increased by almost 100,000. The jobless rate also fell to 4.2%, reflecting a recovering economy with employers cautiously hiring.
Structural challenges persist in the labor market, with over 2.8 million people inactive due to long-term illness. The labor force increasingly relies on foreign-born workers as UK-born employment decreases.
#uk-labor-market #employment-trends #earnings-growth #inflation-impact #structural-labor-market-issues
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