The UK economy has shed more jobs in the latest quarter, raising hopes that the Bank of England’s efforts to tame inflation may be paying off.

Employment dropped by 82,000 jobs in the three months to August, according to ONS figures. That follows a 113,000 drop in the previous quarter.

It marks the third consecutive three-month period in which employment has fallen – the worst stretch since early 2021.

Unemployment stood at 4.2pc, lower than the 4.3pc figure previously released by the ONS but still the highest in almost two years.

The numbers suggest the UK labour market is cooling. The Bank of England has halted its run of interest rate rises, which were designed to keep a lid on surging inflation.

The ONS used new experimental data this morning, after already delaying the employment and unemployment numbers from last week.

The numbers will be closely watched by the Bank’s Monetary Policy Committee as it weighs up further interest rate rises to bring down inflation, which remains more than three times higher than the 2pc target.

Read the latest updates below.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *