Britain's labor market is feeling the chill as unemployment climbs to 4.7%—the highest in four years—amid global trade tensions and a post-pandemic slowdown. New data reveals job vacancies dropped nearly 6% this quarter, with arts, entertainment, and recreation sectors hit hardest. 💼❄️
Sectors Feeling the Heat 🔥
Retail and hospitality are bleeding jobs, with 149,000 fewer payrolled employees compared to last year. Experts point to rising wages, inflation, and U.S. tariffs as key culprits. 🛒🍽️
Wage Growth vs. Economic Woes 💸
While wages grew 5% (excluding bonuses), businesses are buckling under costs. Jane Gratton of the British Chambers of Commerce warns: 'Persistent inflation and global uncertainties are freezing job creation.'
Global Pressures & Tariff Tensions 🌍⚖️
U.S. tariffs on UK auto exports have spiked from 2.5% to 10%, squeezing giants like Jaguar Land Rover. Professor David Bailey warns this 'slows global growth and fuels uncertainty.'
With the Bank of England weighing interest rate hikes, economists fear a 'looser' job market could spell stagnation. 📉🔍
