Analysts have blamed the slowing economy and shop closures as employment in the UK fell at its fastest rate in four years.
The Office for National Statistics said employment had fallen by 58,000 during the third quarter of 2019 - the biggest drop since May 2015.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Chains including LK Bennett and Karen Millen have gone into administration this year, and other retailers, including Topshop owner Arcadia, “have been forced to seek legal agreements with their landlords to shut stores and slash their rent bills to avoid folding”, Sky News says.
Chris Williamson, chief economist at IHS/Markit, told The Guardian that the new data is “a warning of how the growing economic malaise is feeding through to the labour market”.
UK wage growth has also slowed down in the three months to September, according to the latest figures from the ONS.
Total pay continued to outstrip inflation, but the rate of growth slowed to 3.6% from the 3.8% growth in October. Analysts said the average weekly pay, in real terms before tax, for people in the UK was £470 per week.
The Independent says that further pay rises are likely to be constrained by the UK’s “lacklustre productivity growth”.
It is also thought that the latest data makes an interest rates cut more likely. Reuters says that falls in the number of people in work, vacancies and the pace of wage growth added to signs of slowdown that “prompted two Bank of England officials to vote for an interest rate cut last week”.
–––––––––––––––––––––––––––––––For a round-up of the most important stories from around the world - and a concise, refreshing and balanced take on the week’s news agenda - try The Week magazine. Get your first six issues for £6–––––––––––––––––––––––––––––––
-
Homes with great fireplacesFeature Featuring a suspended fireplace in Washington and two-sided Parisian fireplace in Florida
-
Is $140,000 the real poverty line?Feature Financial hardship is wearing Americans down, and the break-even point for many families keeps rising
-
Film reviews: ‘The Secret Agent’ and ‘Zootopia 2’Feature A Brazilian man living in a brutal era seeks answers and survival and Judy and Nick fight again for animal justice
-
Employees are branching out rather than moving up with career minimalismThe explainer From career ladder to lily pad
-
Out of office: Microretirement is trending in the workplaceThe explainer Long vacations are the new way to beat burnout
-
Being a school crossing guard has become a deadly jobUnder the Radar At least 230 crossing guards have been hit by cars over the last decade
-
Why 'faceless bots' are interviewing job huntersIn The Spotlight Artificial intelligence is taking over a crucial part of recruitment
-
Champagne problems: migrant vineyard workers treated 'like slaves'Under the Radar Convictions spotlight the 'exploitation and misery' at the heart of the 'glamorous' industry
-
How many people are working illegally in the UK?The Explainer Government vows 'nationwide blitz' on illicit workforce believed to number in the hundreds of thousands
-
What is 'career catfishing' and why are Gen Z doing it?Under The Radar Successful job applicants are increasingly disappearing before their first day
-
Why bosses are hiring etiquette coaches for Gen Z staffUnder The Radar Employers claim young workers are disengaged at interviews and don't know how to behave in the office
