UK jobs slide to lowest ebb in 4 years

Things seem to be getting more miserable by the day...

4.7% of people are unemployed, first of all. And we can’t even blame them for not being go-getting self-starters because the job market hasn’t been this bad in 4 years. 

London is the worst

Where 6.2% of the population is out of work. 

All of which is partly due to the government’s imposition of tax hikes on businesses.

The number of job vacancies has been falling

For graduate jobs, too - for three years in a row. Which isn’t good, chaps. Job vacancies are the lowest they’ve been for 10 years. 

But we can’t entirely blame Keir Starmer for this, which is indeed a shame. ChatGPT must share our righteous vitriol. 

Since the LLM’s launch, one-third of entry-level jobs have been wiped out.  

Hospitality is getting absolutely hammered

The sector has lost 84,000 jobs since the Budget - nearly half of all job losses across the entire economy.

Turns out making it more expensive to hire people in restaurants and bars has the effect of fewer people being hired in restaurants and bars.

Pay rises are slowing down too

Annual pay growth has dropped to 5% - which sounds generous until you remember inflation is still kicking about. So real wages are getting squeezed

This might force the Bank of England to cut interest rates

Which even the Governor of the BoE said would happen if the job market continued to drag itself along like a man flu-stricken English gentleman.

This would obviously encourage businesses to take out low-interest loans from the bank - to pay staff, bills and suppliers. In other words: to grow.