Deloitte comments on today's labour market figures
Commenting on today’s labour market figures, Debapratim De, director of economic research at Deloitte, said:
“Although the unemployment rate remains unchanged, the data points to a continued softening of the UK labour market. With job vacancies now well below pre-pandemic levels, and business surveys pointing to significantly weaker private sector hiring as rising labour costs bite, we see the market slackening further this year.
“We expect the unemployment rate to rise, peaking at 5.7% by autumn, and a gradual cooling in wage growth. That, alongside expected falls in inflation, should create room for a further cut in interest rates by the Bank of England in spring.”
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