The UK unemployment rate was reported at 4.5% for the first quarter, meeting Cebr's predictions. This rate shows an increase both from the previous quarter and from the previous year, indicating a potential loosening in the labor market. Additionally, the number of employees on payroll has seen a decrease for three consecutive months, and job vacancies have dropped for the past 34 months. These trends are anticipated to worsen further due to recent policy changes that have raised costs for employers, with Cebr projecting the unemployment rate could rise to 4.7% later this year.
The UK unemployment rate stood at 4.5% in Q1, matching Cebr's forecast, indicating a loosening labour market amid a decline in payrolled employees.
With vacancies falling for 34 consecutive months, the outlook for employment worsens due to recent policy changes increasing employer costs, projecting unemployment to 4.7%.
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