The UK labour market faced a downturn in early 2025, with job vacancies decreasing significantly despite ongoing wage growth. According to the Office for National Statistics, payroll counts dropped by 8,000 from January to February 2025, while showing a year-on-year increase of 50,000. Analysts caution that the sustained rise in vacancies has reached an important tipping point, especially against a backdrop of rising National Insurance costs and the National Living Wage. The implications of these changes on unemployment and future hiring remain uncertain, as businesses adjust to evolving economic conditions.
The UK labour market has seen a decline in job vacancies entering March 2025, indicating a shift in employment dynamics as post-pandemic effects fade.
Job vacancies have fallen below pre-pandemic levels for the first time since 2021, raising concerns over rising unemployment amidst economic uncertainties.
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