This is a preview. View original post on this site
May’s job numbers showed a rapid deterioration of the U.K. labor market following the dramatic surge in employer costs due to the rise in the minimum wage and National Insurance Contribution (NIC). While these preliminary job numbers will most likely see some upward revisions in the coming months, the current trend is quite clear. From falling vacancies, frozen hiring, an increasing unemployment rate, and decreased payroll jobs, it’s clear to see that the U.K. labor market is now in a downturn. The Bank of England must act swiftly to cushion the blow.
The unemployment rate rises yet again, vacancies continue to