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Deloitte comments on today’s ONS labour market figures

Commenting on today’s ONS labour market figures, Debapratim De, senior economist at Deloitte, said:

“At first glance, today’s data release shows continued tightness in the labour market. But there are early signs of slack as rate rises cool down activity.

“The increase in jobs in the first quarter has been largely driven by part-time employees and the self-employed, whilst full-time employment has decreased. Vacancies have continued to fall as employers hold back recruitment, due to economic uncertainty.

“Markets expect the Bank of England to follow last week’s rate rise with an additional hike in June, and today’s data seems to support that. The Bank would perhaps like to see further cooling in the labour market before ending its rate rise cycle.”