UK labor market faces harsh unemployment decline
(MENAFN) Britain’s labor market weakened further in the second quarter, with both job openings and payroll numbers falling, pushing unemployment to 4.7 percent — its highest level in four years, according to official figures released Tuesday.
Data from the Office for National Statistics (ONS) showed that vacancies dropped 5.8 percent between May and July to 718,000, with declines in 16 of 18 sectors. The steepest fall was in arts, entertainment, and recreation, which saw a 17.6 percent drop from the previous quarter.
Payroll employee numbers in June were down by 149,000, or 0.5 percent, compared to the same month last year, and fell by 26,000, or 0.1 percent, from May. Early ONS estimates put the July total at 30.3 million.
“The UK’s post-pandemic labor market was red hot. But that period is officially over — the market is loosening, with 165,000 payroll jobs lost in just eight months,” said Hannah Slaughter, senior economist at the Resolution Foundation.
Liz McKeown, the ONS’s director of economic statistics, added that the data pointed to “a continued cooling of the labor market.”
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