According to the ONS, unemployment unexpectedly dipped to 4.9% in the three months to April. Slightly down from 5%…
The ‘good’ news for the Treasury ends there. New recruits joining payrolls have fallen to their lowest level in five years, vacancies continue to decline, and private sector wage growth has slowed to its weakest pace since the pandemic. Average regular earnings rose by 2.9% in the private sector, compared to 5.1% in the public sector. Thanks Rachel!
Chief economist at the Institute of Chartered Accountants in England and Wales Suren Thiru said
“This fresh fall in job vacancies suggests that demand for workers is dwindling uncomfortably quickly amid the growing financial squeeze on firms and as greater automation reshapes the jobs market.”
The Bank of England is set once again to hold interest rates at 3.75% at midday. Stay tuned…
Speaking at his speech on how to achieve “progressive capitalism” Wes Streeting fired a dig and Andy Burnham:
“Bond markets are not bond villains and fiscal rules matter.”