"Britain's jobs market is showing fresh signs of strain, with businesses cutting staff at the fastest pace this year as global instability weighs on confidence and hiring."
"The OECD said prolonged disruption could trigger global energy shortages, pointing to surging wholesale oil and gas prices and strain on key shipping routes such as the Strait of Hormuz."
"Unemployment among 18 to 24-year-olds has risen to 14.5 per cent, its highest level in nearly a decade, indicating that young people are bearing the brunt of the downturn."
"Job vacancies have also fallen, dropping by 6,000 to 721,000 in the three months to February, reflecting weaker demand across the economy."
Britain's job market is experiencing significant strain, with businesses reducing staff at the fastest rate this year. A rise in job seekers is noted due to increased redundancies and a slowdown in recruitment, particularly in high street sectors like retail and hospitality. The OECD forecasts a growth of only 0.7 percent for the UK, with inflation remaining high. Unemployment has reached 5.2 percent, the highest in five years, with young people facing the highest rates. Job vacancies have decreased, and pay growth is slowing.
Read at London Business News | Londonlovesbusiness.com
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