Britain's unemployment rate has reached 4.6%, its highest since July 2021, alongside a notable decline in wage growth. The Office for National Statistics indicated average earnings excluding bonuses fell from 5.5% to 5.2%, surprising experts who anticipated a smaller decrease. While wage growth continues to outpace inflation by 2.1%, the latest figures reflect a worrying trend. Additionally, job vacancies have decreased markedly, highlighting challenges within the labor market and suggesting ongoing economic pressures for both employers and employees.
Britain's unemployment rate has reached its highest level in almost four years, with the jobless rate surging to 4.6%, signaling a worrying trend for the economy.
Wage growth has also eased, with average earnings excluding bonuses falling from 5.5% to 5.2%, indicating employers are struggling amidst rising costs.
Despite wage growth outpacing inflation, the decrease in earnings growth fell short of expectations, underlining the challenges facing the workforce.
With vacancies down by 63,000 to 736,000 and an increase in joblessness, it reflects a grim economic outlook as the labor market shows signs of strain.
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