4 w. ago UK payrolls down by 178,000 over last year; Bundesbank chief defends central bank independence after Trump’s attacks on Powell – business live

UK company payrolls have fallen by 178,000 in last year, pushing unemployment rate to four-year highAnalysis: The rise in unemployment shows the UK jobs market is cooling, but it is not collapsingDeutsche Bank’s chief UK economist Sanjay Raja agrees that the UK’s labour market is continuing to cool, with both payrolls and vacancies down.Raja explains:Redundancies remain elevated with the May data showing a 114k increase in the three months to May – its highest level in three months. Jobs demand remains weak as hiring plans are near a standstill.This will continue to see unemployment rise – but we think this will be a slow grind higher as opposed to a whipsaw higher. For the MPC, despite the bump higher in inflation, the loosening in labour market should give the BoE reason to proceed with a gradual dial down of restrictive policy.The fallout in the labour market from the hikes in National Insurance Contributions and the minimum wage is not as big as previously thought. Even so, as p...

Economics

4 w. ago The rise in unemployment shows the UK jobs market is cooling, but it is not collapsing

Despite the latest poor data, wage growth remains resilient and there are ‘signs of confidence returning’UK unemployment rises as jobs market ‘weakens’Business live – latest updatesAnaemic economic growth, rising inflation, and a worsening outlook in the jobs market. If the inheritance from the Conservatives had been bad, the situation a year in to the new Labour government do not look much better.The latest figures show unemployment nudged up to 4.7% in May, hitting the highest level in four years, while wage growth slowed for a third consecutive month, and employers cut back on hiring. Continue reading...

Politics

4 w. ago Rise in unemployment shows UK jobs market is cooling, but it is not collapsing

Despite latest poor data wage growth remains resilient, and there are ‘signs of confidence returning’UK unemployment rises as jobs market ‘weakens’Business live – latest updatesAnaemic economic growth, rising inflation, and a worsening outlook in the jobs market. If the inheritance from the Conservatives had been bad, the situation a year in to the new Labour government does not look much better.The latest figures show unemployment nudged up to 4.7% in May, hitting the highest level in four years, while wage growth slowed for a third consecutive month, and employers cut back on hiring. Continue reading...

Politics

4 w. ago UK unemployment rises to highest in four years due to slowing wage growth

The figures point towards further pressure in the UK labour market

Politics

4 w. ago UK unemployment jumps to highest since 2021 as wage growth slows

The Office for National Statistics said the rate of UK unemployment increased to 4.7% in the three months to May.

Politics

4 w. ago Rachel Reeves' £20bn tax raid leads to thousands of job losses as wage growth cools

Thousands of jobs were lost in June, according to official data, as Chancellor Rachel Reeves' £20bn tax raid led to a cooling in wage growth and put the Bank of England under further pressure

Economics