Wage Stagnation Fuels Anticipation of Interest Rate Relief

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Job Market Slowdown Amidst Economic Uncertainty

Recruiters report a slowdown in hiring as businesses grapple with the potential costs of enhanced workers' rights and await the Budget announcement. The unemployment rate has fallen to 4%, but experts warn against complacency.

Cautious Hiring and Economic Concerns

James Reed of Reed consultancy describes the job market as experiencing a slow-motion car crash due to companies' lack of confidence in hiring. Speculation is rife that the government may increase National Insurance contributions, further dampening hiring prospects.

Wage Growth Slows, Interest Rate Cut Expected

Wage growth has slowed to its lowest pace in over two years, raising expectations that the Bank of England will cut interest rates to 4.75% next month. However, economists caution that this does not indicate a booming employment market.

Youth Unemployment on the Rise

The ONS data reveals that unemployment among 18-24 year olds has been increasing over the past few years, reaching 12.8% between June and August. This is higher than pre-pandemic levels.

Job Vacancies Decline, Worker Shortages Persist

The number of job vacancies has decreased to 841,000, though it remains above pre-pandemic levels. Recruitment firms report a slowdown in the job market due to sluggish economic growth and higher interest rates.

Success Story: Rocky Minhaaj Uddin

Rocky Minhaaj Uddin, 21, joined Nando's last year and has been promoted to supervisor. He credits a program run by the charity Resurgo for helping him back into employment.

Advice for Job Seekers

Yael Selfin of KPMG UK advises job seekers to ask for help. Rocky Minhaaj Uddin echoes this sentiment, emphasizing the importance of seeking support.

Pensioners Benefit, Businesses Concerned

Pensioners will see a slightly higher rate of increase, but the chancellor faces criticism from businesses over a potential tax rise that would fall on employers.

Inflation Nudges Above Target

The rate of inflation has risen above the Bank of England's target of 2%, adding to economic uncertainty.

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