Job vaccines have continued to decline for a 22nd consecutive month, dropping by 26,000 quarter on quarter in the three months to April.
The UK has suffered its highest level of unemployment rates for nearly a year, as the number of jobs available also plummeted, according to new figures.
But pay rises remained at 6%. It had been expected to slow to 5.9% between January and March. Although this will be beneficial to many people, it is unhelpful for the Bank of England in its battle to rein in inflation."If we want to improve pay and living standards we need to find a way of raising productivity.
"At the same time the steady decline in the number of job vacancies has continued for a 22nd consecutive month, although numbers remain above pre-pandemic levels.” "While we are dealing with some challenges in our labour supply, including pandemic impacts, as our reforms on childcare, pensions tax reform and welfare come online I am confident we will start to increase the number of people in work.”Rob Wood, of Pantheon Macroeconomics, added he believed a rate cut in June was still “on track” despite the strong wages growth.
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