In April, the UK's unemployment rate reached 4.6%, its highest in almost four years, reflecting tax hikes that added to a broader economic slowdown. The Office for National Statistics reported a concerning rise in joblessness, with annual wage growth slowing to 5.2%. Notably, public sector salaries grew faster than those in the private sector. The number of workers on UK payrolls and job vacancies dropped significantly, suggesting employers are hesitant to hire amid rising costs. Critics have raised concerns about the credibility of the data due to poor survey response rates, leading to fears of flawed economic decisions.
‘These figures suggest that the UK's jobs market took a damaging hit from tax increases and a broader slowdown in economic activity, leading to rising unemployment.’
‘The jobless rate increased to 4.6%, the highest level since summer 2021, indicating a concerning trend for the labour market amid wage growth slowdowns.’
Collection
[
|
...
]