“These figures suggest that fault lines are beginning to appear in the UK’s jobs market, as employers painfully adjust to a struggling economy and prepare for the looming national insurance hike.
“The fall in the number of vacancies suggests that, despite chronic skills shortages, demand for workers continues to weaken under the weight of slowing customer demand and rising cost pressures.
"While the uptick in pay growth may worry some interest rate setters, the downward pressure from a stagnating economy, a loosening labour market and April’s jump in businesses costs means this current upswing is likely to be short lived.
“These jobs figures may make a March rate cut less likely because they should help ease concerns among policymakers over the health of the economy that drove the dovish policy loosening earlier this month.”
ENDS
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