Job Starts Drop to Lowest Level in Five Years: 540K in April

In April, the number of new job starts fell to just under 540,000, the lowest monthly figure since March 2021. Job vacancies during the March to May period decreased to 707,000, the lowest since February to April 2021. The unemployment rate slightly declined to 4.9% from 5% in the previous three months. Regular pay growth remained stable at an annual rate of 3.4%, which is the lowest rate in the private sector in five and a half years. These trends suggest a cautious labor market outlook that may impact decisions made by the Bank of England regarding interest rates.

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