UK experiences longest hiring slump on record

Job vacancies in the United Kingdom (UK) continued to decline, marking the 29th consecutive quarterly drop, according to a report released by the British Office for National Statistics (ONS) on Tuesday, reported Xinhua.

The ONS data revealed an estimated 31,000 decrease in vacancies over the past quarter, bringing the total number of job openings to 818,000 between September and November 2024.

The report also highlighted a rise in the UK unemployment rate, which reached 4.3 percent from August to October 2024. This figure marks an increase both on the previous quarter and compared to the same period last year. In contrast, the economic inactivity rate for those aged 16 to 64 fell to 21.7 percent, showing a decline on both a quarterly and annual basis, according to the ONS.

Despite the shifting employment landscape, annual growth in employees' average earnings, including both regular pay (excluding bonuses) and total pay (including bonuses), stood at 5.2 percent for the August to October 2024 period. Adjusted for inflation, real annual growth came in at 2.2 percent for both regular and total pay.

The report further noted a significant increase in labor disputes, with an estimated 42,000 working days lost across the UK in October 2024 due to strikes and related disputes.

These developments follow the Autumn Budget announcement on Oct. 30, which introduced a 25-billion-pound increase in employers' National Insurance contributions and raised the national minimum wage, placing additional financial strain on businesses.