UK Jobs Market Loses Steam as Wage Growth Falters The latest figures from the Office for National Statistics reveal that wage growth in the UK is slowing down, with job vacancies at a five year low.
At first glance, this trend may seem minor, but it paints a more nuanced and concerning picture when examined closely. Pay growth has slowed to 4. 1% over the past three months, following a steady period of expansion.
This slowdown suggests that employers are finally feeling the effects of inflation, which is likely to worsen with energy bills set to rise again. As a result, households can expect a fresh squeeze on living standards.