UK labour market loses more momentum in second quarter
Job vacancies edged down to 707,000 in the three months to July from 711,000 in the previous three months.
British labour market slowed further in Q2, data indicates. Private sector earnings growth slowed to 2.8% annually in Q2, the weakest since October 2020. Vacancies hit five-year low of 707k in Q2, down from 711k in Q1. Unemployment held steady at 4.9%. Most Bank of England policymakers seem pleased to keep interest rates unchanged, but the central bank may wait until year-end to assess impact of rising energy prices from the Iran conflict on pay settlements.
Economists note a cooling labour market, a potential downside risk amid uncertainty over US-Iran tensions and possible October tax hikes. Payrolls fell 12,850 in July, sixth straight month of decline.
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