How fast is UK the labour market slowing?

  • 📰 SaltWire Network
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

By David Milliken LONDON (Reuters) - Britain's labour market has been cooling in recent months, with rising unemployment, less hiring and fewer job ...

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy David Milliken

Financial markets widely expect the BoE to raise interest rates next week to 5.5% from 5.25%, but are split over whether that will mark the end of a tightening cycle which began in December 2021.Britain's unemployment rate rose to 4.3% in the three months to July, up from 4.2% in the second quarter and 3.5% in August 2022 - its lowest in nearly 50 years.

"This is the clearest sign yet that the Bank of England's rate rising cycle is starting to cool the jobs market," she said. However, the number of vacancies is still more than 20% higher than before the pandemic, and there remain fewer unemployed people per vacancy than any time in 2020 or earlier.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 45. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK labour market softens in July, despite strong wage growthBy Andy Bruce and David Milliken LONDON (Reuters) -Britain's labour market showed more signs of cooling in the three months to July despite another month ...
Source: SaltWire Network - 🏆 45. / 63 Read more »