UK Employment Drops Most Since 2020 and Wage Growth Cools
UK wages grew at the slowest pace for seven months and employment plunged, as the labor market continued to ease after Prime Minister Keir Starmer's government ramped up the cost of hiring.
Pay growth excluding bonuses eased to 5.2% in the three months through April, the least since the third quarter of last year, the Office for National Statistics said Tuesday. Economists had expected 5.3% on average. Private-sector wage growth — the measure watched most closely by the Bank of England — cooled to slowed to 5.1% from 5.5%. Vacancies fell in the three months through May.
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