The UK unemployment rate has reached 4.7%, marking the highest level in four years. This increase signals a notable weakening in the labour market. Other indicators such as job vacancies and wage growth have also shown signs of softening. Looking ahead, further deterioration is expected due to recent policy changes that have raised labour costs. Consequently, Cebr projects that the unemployment rate will continue to rise as these effects become more visible in the data.
The UK unemployment rate now stands at 4.7%, the highest level in four years, indicating weakened labour market conditions.
Key indicators like job vacancies and wage growth have also softened, forecasting further deterioration in the labour market.
Recent policy changes that have raised labour costs are expected to further affect labour market data, leading to a continued increase in unemployment.
Cebr projects the unemployment rate will continue to rise as these changes are fully reflected in the statistics.
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