“The UK labour market is looking increasingly fragile with rising unemployment and plummeting job vacancies pointing to more businesses slashing hiring activity as ‘awful April’s’ substantial spike in costs begin to bite.
“Slowing wage growth suggests that skyrocketing employment costs and tougher economic conditions are a growing drag anchor on pay settlements, more than offsetting the upward pressure from April’s national minimum wage increase.
“The UK’s jobs market has hit a rough patch with spiralling business costs and a wilting economy likely to mean moderately more job losses and reductions in other employment related costs, including staff training and pay awards.
“These dispiriting figures probably seals the deal on an August interest rate cut as it will fuel fears among rate setters over the health of the economy, regardless of June’s hotter than expected inflation.”
ENDS
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