UK New Job Starts Fall Below 540,000 as Vacancies Drop to 707,000
Updated
Updated · BBC.com · Jun 18
UK New Job Starts Fall Below 540,000 as Vacancies Drop to 707,000
3 articles · Updated · BBC.com · Jun 18
Summary
April new hires slipped to just under 540,000, the lowest monthly level since March 2021, even as the UK unemployment rate edged down to 4.9% in the three months to April.
707,000 vacancies in March to May marked the weakest reading since early 2021, with the ONS saying firms are growing more cautious about hiring; professional services, retail and hospitality saw notable declines.
Regular pay excluding bonuses rose 3.4% from a year earlier, unchanged from the prior period, while private-sector wage growth slowed to its weakest pace in five and a half years.
Thursday's data reinforced expectations that the Bank of England will keep rates at 3.75%, as economists said softer inflation and easing labour-market pressure reduce the risk of wage-driven price gains.
The figures still come with caveats: the ONS has faced criticism over Labour Force Survey quality after low response rates and a review that found deep-seated statistical problems.