The UK’s red hot labour market appears to be cooling with growing signs of the slowdown that the Bank of England believes is necessary to reduce inflation.
What started with a dip in vacancies in the spring of last year has now spread to weaker hiring intentions, an easing in recruitment difficulties, some improvement in labour market participation and slower private sector pay growth.
Economists are predicting the UK labour market, perhaps the most important indicator of persistent inflationary pressure, is at a turning point. But with the data still tentative, they say the evidence of a slowdown may not be strong enough to persuade the central bank to pause its interest rate rises at the current level of 4.25 per cent.
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