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UK Vacancies Halve, Unemployment Steady as Pay Growth Slows

7/21/2026

38 8 Full Breakdown

Summary

Story summary

The Office for National Statistics reported job vacancies fell to 712,000 in the three months to May, about half the 2022 level.
Unemployment held at 4.9% as private-sector earnings growth slipped to 2.9% and earnings with bonuses rose to 4.3%.
Economists had forecast pay growth of 4.5% and unemployment at 5%, above the actual numbers.
Bank of England officials warned that pay adds to production costs and fuels inflation pressure.

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Story summary

The Office for National Statistics reported job vacancies fell to 712,000 in the three months to May, about half the 2022 level.
Unemployment held at 4.9% as private-sector earnings growth slipped to 2.9% and earnings with bonuses rose to 4.3%.
Economists had forecast pay growth of 4.5% and unemployment at 5%, above the actual numbers.
Bank of England officials warned that pay adds to production costs and fuels inflation pressure.