The UK labor market is experiencing its most significant drop in payroll numbers since the Covid pandemic, with 78,000 fewer workers recorded in March amidst increased global economic uncertainty. The official unemployment rate remains stable at 4.4%, but concerns arise regarding the accuracy of job market data due to low survey response rates. Business leaders warn that recent tax increases could result in further job losses. Pay growth remains historically high, yet many sectors, particularly lower-paying industries, anticipate significant impacts due to rising costs.
The UK has seen the largest drop in company payroll numbers since the Covid pandemic, with a reduction of 78,000 workers in March, reflective of job market slowdowns.
Despite a fall in the payroll numbers, the unemployment rate stayed at 4.4%, although the quality of job market statistics is in question due to low response rates.
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