June data shows employment change of 83k, below forecasts, while wage growth eases slightly amid cooling labor market trends.
UK employment rose by 83k in June, missing the 129k forecast and down from a revised 147k in May. The ILO unemployment rate remained steady at 4.9%, in line with expectations but signaling persistent softness in the labor market.
Wage growth moderated, with average weekly earnings including bonuses up 4.1% year-on-year, slightly above the 4.0% estimate but below the prior 4.4%. Excluding bonuses, earnings grew 3.5%, matching expectations. July payrolls fell by 13k, unchanged from the previous month.
Job vacancies dropped to their lowest level since late 2014, excluding the pandemic period. The data suggests gradual cooling but may not deter the Bank of England from further rate hikes if inflation pressures persist.