UK employee numbers surge above pre-pandemic level

Tuesday’s data show continued recovery in Britain’s job market as the government phases out its furlough support programme, which will finish on Sept. 30. Businesses reported more than 1 million vacancies in August – an all-time high – and the unemployment rate fell slightly to 4.6% in the three months to July, the Office for National Statistics said, in line with economists’ expectations in a Reuters poll. “The latest data brought more signs that labour market slack is declining fast and that labour shortages are contributing to faster underlying pay growth,” said Ruth Gregory, economist at Capital Economics.

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