Job vacancies fall to lowest level in five years
The number of job vacancies in the UK has decreased to its lowest level in five years, particularly impacting the hospitality and retail sectors. The unemployment rate has slightly increased to 5%, up from 4.9% in the previous three months. Average earnings growth has also fallen, indicating a softening labor market according to the Office for National Statistics.
- ▪Job vacancies in the UK have hit a five-year low.
- ▪The unemployment rate rose to 5% in the three months to March.
- ▪Average regular earnings growth fell to 3.4% in early 2023.
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Job vacancies fall to lowest level in five yearsJust nowShareSaveAdd as preferred on GoogleGetty ImagesThe number of UK job vacancies has fallen to their lowest level in five years, with hospitality and retail experiencing some of the biggest drops.The unemployment rate rose slightly to 5% in the three months to March, from 4.9% in the three months to February, according to the Office for National Statistics (ONS).Average regular earnings growth fell to 3.4% in the first three months of the year, and was 0.3% higher after inflation was taken into account.ONS director of economic statistics Liz McKeown said the latest figures "suggest the labour market remains soft, with vacancies at their lowest level in five years and unemployment higher than a year ago".Faisal Islam: Six things we now…
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