"Official figures showed the jobless rate rose to 5pc from 4.9pc, while businesses pulled back further on recruitment amid mounting uncertainty over the economic outlook."
"Vacancies dropped to around 705,000 - the lowest level since early 2021 - highlighting weakening demand for workers across large parts of the economy as firms become increasingly cautious about expansion and hiring."
"Regular earnings excluding bonuses rose by 3.4pc year-on-year, only narrowly outpacing inflation, while total pay including bonuses increased by 4.1pc."
"Economists warned that renewed conflict in the Middle East risks further worsening the outlook by driving up crude oil prices and increasing pressure on energy and consumer prices, even as economic activity slows. The combination has revived fears of stagflation - the toxic mix of weak growth, rising unemployment and persistent inflation that haunted Britain during previous energy shocks."
The jobless rate increased to 5% from 4.9% as businesses reduced recruitment amid uncertainty about economic conditions. Vacancies fell to about 705,000, the lowest level since early 2021, indicating weaker demand for workers across much of the economy. Pay growth continued to soften, with regular earnings excluding bonuses rising 3.4% year-on-year and total pay including bonuses increasing 4.1%. Inflation pressure remains a concern because wage growth is only slightly above inflation. Renewed conflict in the Middle East could raise crude oil prices and increase energy and consumer costs. The combination of slowing growth and persistent inflation revives stagflation fears and heightens concern about a prolonged economic squeeze.
Read at London Business News | Londonlovesbusiness.com
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