Labour’s jobs squeeze: Wage rises slow down again as unemployment nudges up and vacancies fall – even BEFORE the Budget heaped costs on businesses [Video]

02:28 EST 12 Nov 2024, updated 06:41 EST 12 Nov 2024

Nerves are mounting about the jobs market today with figures showing wage growth slowing and unemployment nudging up.

Pay rises have fallen to their lowest level in more than two years, despite a string of bumper public sector deals.  

Meanwhile the jobless rate jumped by more than expected in the three months to September.

Although wages are still outstripping inflation, analysts warned of ‘increasing wariness’ among employers. 

Businesses are facing a massive costs hit after Rachel Reeves hiked employer national insurance in the Budget – which was unveiled after the period covered by the statistics.

The Office for National Statistics said average regular earnings growth eased back to 4.8 per cent in the three months …