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2025-09-16 14:11:57
[The UK job market continues to cool: employment declines, wage growth slows] Official UK data shows that the UK labor market continued to cool over the summer as companies prepare for more tax increases to hit the economy. The UK Office for National Statistics said on Tuesday that the number of employed workers fell by 8,000 in August, the seventh consecutive month of decline. In the three months to July, wage growth excluding bonuses slowed to 4.8%, the lowest level in three years, down from the previous value of 5%. Wage growth in the private sector, which the Bank of England watches most closely, slowed to 4.7%. The unemployment rate remained at a four-year high of 4.7%, and the number of job vacancies continued to decline. These data may not ease the Bank of England's inflation concerns. Although Bank of England Governor Bailey emphasized the weakness of the labor market, officials are increasingly concerned that the recent surge in inflation is leading consumers to expect continued strong price growth.
