The latest figures from the Office for National Statistics (ONS) show unemployment ticked up by 0.1% in the three months to July, with job vacancies falling for the first time since August 2020. Real-term pay has fallen by 3% in real terms when adjusted for inflation in the same period. The biggest plunge since records began in 2001… 

The overall employment rate is now at 75.5% – also a fall of 0.1% since last quarter – although the ONS estimates the number of pay-rolled employees actually rose by 73,000 between June and July. A mixed bag overall, although with vacancies finally dropping, there are clearly signs the labour market is cooling…