"Regular wage growth is at its lowest rate in more than five years, with pay growth in both the private and public sectors continuing to ease. The number of workers on payroll rose slightly in the latest month but, overall, the recent picture has been broadly flat."
"The unemployment rate holding at 5.2% in January highlights just how weak the labour market was coming into the Iran crisis, and higher energy prices will only worsen that picture. That weakness will temper the likely hawkish shift from the Monetary Policy Committee."
The UK labour market faces significant pressure with wage growth slowing to 3.8% in the three months to January, the weakest rate since November 2020. Real earnings growth has nearly stalled at just 0.5% after accounting for inflation, indicating wages are barely matching the cost of living. Unemployment held steady at 5.2%, near a five-year high, while job vacancies declined by 6,000 to 721,000. Youth unemployment surged to 14.5% for 18 to 24-year-olds, the highest since early 2015. Despite these challenges, payroll employment increased by 20,000 in the latest month, though overall labour market conditions remain broadly flat with continued cooling in labour demand.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]