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UK jobs market 'shows signs of slowing' | UK jobs market 'shows signs of slowing' |
(32 minutes later) | |
The UK jobs market is showing signs of slowing, after a surprise drop in the number of people in work. | |
The unemployment rate unexpectedly rose to 3.9% in the June-to-August period from 3.8%, after the number of people in work unexpectedly fell by 56,000, official figures showed. | |
The Office for National Statistics also said employment growth had "cooled noticeably". | |
But the unemployment rate is still close to its lowest level for 44 years. | |
Click here to take part in a short study about this article run by the University of Cambridge. | Click here to take part in a short study about this article run by the University of Cambridge. |
Figures released by the ONS indicated that the number of people in employment fell by 56,000 to 32.69 million during the three-month period. | Figures released by the ONS indicated that the number of people in employment fell by 56,000 to 32.69 million during the three-month period. |
This was below economists' forecasts, which had predicted a 26,000 rise in employment. | |
However, wages continued to outpace the rate of inflation, with earnings excluding bonuses growing at an annual pace of 3.8% | |
"The UK labour market showed signs of slowing in the three months to August 2019," it said. | |
The ONS said unemployment increased by 22,000 to 1.31 million. | |
"The employment rate is still rising year-on-year, but this growth has cooled noticeably in recent months," said the ONS's deputy head of labour market statistics, Matt Hughes. | "The employment rate is still rising year-on-year, but this growth has cooled noticeably in recent months," said the ONS's deputy head of labour market statistics, Matt Hughes. |
"Among the under-25s, the employment rate has actually started to fall on the year." | "Among the under-25s, the employment rate has actually started to fall on the year." |
The ONS said vacancies fell again to 813,000, reaching their lowest level since the three months to November 2017. | The ONS said vacancies fell again to 813,000, reaching their lowest level since the three months to November 2017. |
"This is further evidence that the underlying weakness in economic growth is restraining labour market activity," said Thomas Pugh, UK economist at Capital Economics. | "This is further evidence that the underlying weakness in economic growth is restraining labour market activity," said Thomas Pugh, UK economist at Capital Economics. |
"However, it could also be evidence that the uncertainty around Brexit is starting to impact firms' hiring decisions. The survey evidence is consistent with a further softening in employment and wage growth going forward too." | "However, it could also be evidence that the uncertainty around Brexit is starting to impact firms' hiring decisions. The survey evidence is consistent with a further softening in employment and wage growth going forward too." |
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