Hey fam, quick update from across the pond: the UK’s job market is officially cooling, with unemployment hitting 4.7% in Q2 – the highest in four years. 😬
ONS data shows open roles dropped 5.8% to 718,000 – that’s fewer job postings in 16 out of 18 sectors. Arts & entertainment took the biggest hit (down 17.6%).
Payroll counts dipped by 149,000 year-on-year, now at 30.3 million. In simple terms, fewer people are on company payrolls compared to this time last year.
Experts say this slow-down follows a post-pandemic boom. “The red-hot labor market phase is officially over,” notes Hannah Slaughter from the Resolution Foundation.
Retail & hospitality led job losses, likely due to a mix of a weaker economy, rising minimum wages, and higher business costs, says Stephen Evans.
Steady wage growth (around 5% excluding bonuses) is also a factor – good for workers, but it’s adding to company expenses.
U.S. tariffs on UK exports, especially automotive (tariffs jumped from 2.5% to 10%), are squeezing margins. Jaguar Land Rover cuts 500 jobs as a result.
On top of that, higher employment taxes and policy uncertainty means firms are playing it safe on hiring – warns David Spencer from the University of Leeds.
Bottom line: UK’s labor market is loosening up. For job seekers in tech hubs like Bangalore or Jakarta, it’s a reminder to upskill, diversify, and stay agile. 💪
Stay tuned for more global trend updates – and keep your hustle strong! 🚀
Reference(s):
UK's unemployment hits 4-year high amid U.S. tariff pressure
cgtn.com
