"The rise in UK unemployment to 4.6% signals cautious sentiment among employers, driven by recent government budget impacts and increased wage costs."
"Despite an initial economic growth surprise of 0.7% in early 2024, the labour market has not reflected similar gains due to reduced job vacancies."
UK unemployment has risen to 4.6%, reflecting caution among employers influenced by the recent government decisions, including increased National Insurance contributions and minimum wage hikes. Job vacancies are declining, suggesting a reluctance to hire due to job security concerns among employees. Despite a surprising economic growth of 0.7% in early 2024, this has not translated into a healthier labour market. The upcoming spending review may present an opportunity to spur job growth through infrastructure and service investments, though financial constraints may limit public spending.
Read at London Business News | Londonlovesbusiness.com
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