The number of job vacancies and payrolled employees in the UK have continued to fall, according to the Office for National Statistics (ONS), adding to evidence of a cooling labour market.
ONS data released on Tuesday showed that the number of job vacancies in the UK fell by 44,000 in the three months to July.
The number of employees on the payroll in June was down by 26,000 on the month, which was more than a decline of 25,000 in May.
Estimates for payrolled employees in the year to June fell by 149,000. Early estimates for the number of employees on the payroll in July fell by 8,000 on the month and 164,000 on the year.
The unemployment rate was 4.7% from April to June, unchanged from the previous three months.
Annual wage growth excluding bonuses was at 5% in April to June, which was also the same as the previous three months.
Employers have faced higher labour costs after the rate of their national insurance contributions and the national minimum wage rose in early April, which were changes announced by chancellor Rachel Reeves in the autumn budget.
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Liz McKeown, director of economic statistics at the ONS, said: “Taken together, these latest figures point to continued cooling of the labour market.”
“The number of employees on payroll has now fallen in ten of the last twelve months, with these falls concentrated in hospitality and retail.”
“Job vacancies, likewise, have continued to fall, also driven by fewer opportunities in these industries,” she added.”
Labour market data is closely watched by the Bank of England (BoE), as it tries to balance keeping inflation under control, while also avoiding a slowdown in the labour market. The BoE cut interest rates last week to 4% from 4.25%, marking its fifth cut in a year.
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