Britain's weak job market has led to more layoffs by employers in the month. These data were released before the Bank of England's latest interest rate decision on Thursday. The UK Office for National Statistics said on Tuesday that the number of employees on the company's payroll fell by 26,000 in August, a decrease of 19,000 after the previous month's revisions. This is worse than the 5,000 reduction economists expected. Labor demand remains weak, and the number of job vacancies dropped by 8,000, to a five-year low of 702,000. The unemployment rate stabilized at 4.9% for the three months to July, but the National Bureau of Statistics warned that the estimate was still affected by data collection quality issues. These data show that the UK is still stuck in what Bailey called a “low recruitment, low layoff” economy. British employers are facing greater uncertainty from the US-Iran conflict and Prime Minister Burnham's first budget due to be announced on October 28.

Britain's weak job market has led to more layoffs by employers in the month. These data were released before the Bank of England's latest interest rate decision on Thursday. The UK Office for National Statistics said on Tuesday that the number of employees on the company's payroll fell by 26,000 in August, a decrease of 19,000 after the previous month's revisions. This is worse than the 5,000 reduction economists expected. Labor demand remains weak, and the number of job vacancies dropped by 8,000, to a five-year low of 702,000. The unemployment rate stabilized at 4.9% for the three months to July, but the National Bureau of Statistics warned that the estimate was still affected by data collection quality issues. These data show that the UK is still stuck in what Bailey called a “low recruitment, low layoff” economy. British employers are facing greater uncertainty from the US-Iran conflict and Prime Minister Burnham's first budget due to be announced on October 28.