UK employers increased layoffs in July as domestic and external uncertainty kept hiring muted. ONS data showed employees fell by 13,000 in July and vacancies continued to decline. The unemployment rate remained at 4.9% in the three months to June, but the ONS warned data quality has deteriorated due to collection errors. Private-sector regular pay excluding bonuses slowed to 2.8% YoY in the three months to June from 2.9%, the weakest pace in about six years. Firms cited heightened uncertainty fr

UK employers increased layoffs in July as domestic and external uncertainty kept hiring muted. ONS data showed employees fell by 13,000 in July and vacancies continued to decline. The unemployment rate remained at 4.9% in the three months to June, but the ONS warned data quality has deteriorated due to collection errors. Private-sector regular pay excluding bonuses slowed to 2.8% YoY in the three months to June from 2.9%, the weakest pace in about six years. Firms cited heightened uncertainty from the Iran war and incoming PM Burnham’s first budget later this year; jobs have fallen over the past two years amid a weak economy and Labour government increases in payroll taxes and the minimum wage.