UK Employment Growth Slows to 83K Amid Interest Rate Hikes

The UK employment growth has slowed down significantly in June, with an addition of only 83,000 jobs in the three months to June. This is a notable decrease from the previous period's revised figure of 147,000.

The data suggests that employers are becoming more cautious in their hiring decisions due to elevated interest rates and subdued consumer confidence. Employment growth is a key indicator of economic health, and this slowdown may signal that businesses are bracing for weaker demand.

Economists note that while the labour market remains resilient compared with historical standards, the deceleration is notable. The Bank of England may view this as a sign that policy tightening is beginning to cool the economy.