This article is from the source 'bbc' and was first published or seen on . The next check for changes will be

You can find the current article at its original source at https://www.bbc.com/news/articles/cpdjjp681p7o

The article has changed 9 times. There is an RSS feed of changes available.

Version 1 Version 2
UK vacancies fall as the jobs market cools UK vacancies fall as the jobs market cools
(32 minutes later)
The UK jobs market has continued to cool as vacancies fell and the number of people on payrolls dropped, the latest official figures suggest.The UK jobs market has continued to cool as vacancies fell and the number of people on payrolls dropped, the latest official figures suggest.
Job openings fell by 5.8% to 718,000 between May to July across nearly all industries, according to the Office for National Statistics (ONS).Job openings fell by 5.8% to 718,000 between May to July across nearly all industries, according to the Office for National Statistics (ONS).
It said there was evidence that some firms may not be recruiting new workers or replacing people who have left.It said there was evidence that some firms may not be recruiting new workers or replacing people who have left.
However, the slowdown was not as sharp as some economists had anticipated.However, the slowdown was not as sharp as some economists had anticipated.
Average wage growth remained at 5%, the unemployment rate was unmoved at 4.7% and an estimated drop in people on payrolls - down 8,000 between June and July - signalled a "very gradual cooling", according to former Bank of England policymaker Andrew Sentence.Average wage growth remained at 5%, the unemployment rate was unmoved at 4.7% and an estimated drop in people on payrolls - down 8,000 between June and July - signalled a "very gradual cooling", according to former Bank of England policymaker Andrew Sentence.
He pointed out that there are more than 30 million people on employer payrolls in the UK.He pointed out that there are more than 30 million people on employer payrolls in the UK.
Ashley Webb, UK economist for Capital Economics, said the "modest fall" in payroll data "suggests that the fallout in the jobs market from the rise in business taxes and the minimum wage" is calming down.Ashley Webb, UK economist for Capital Economics, said the "modest fall" in payroll data "suggests that the fallout in the jobs market from the rise in business taxes and the minimum wage" is calming down.
In April, the National Living Wage rose from £11.44 to £12.21.In April, the National Living Wage rose from £11.44 to £12.21.
At the same time, National Insurance Contribution by employers rose from 13.5% to 15% while the salary threshold triggering payment by firm was lowered from £9,100 a year to £5,000.At the same time, National Insurance Contribution by employers rose from 13.5% to 15% while the salary threshold triggering payment by firm was lowered from £9,100 a year to £5,000.
Although the number of job openings fell, it did not feed through to a rise in the unemployment rate, Mr Webb said.Although the number of job openings fell, it did not feed through to a rise in the unemployment rate, Mr Webb said.
He added that firms giving notice of redundancies was "relatively subdued" in July.He added that firms giving notice of redundancies was "relatively subdued" in July.
Monica George Michail, associate economist at the National Institute of Economic and Social Research, said the fall in jobs vacancies would be likely to contribute to slowing wage growth.
This is one the economic indicators the Bank of England looks at when making decisions on altering interest rates as it can fuel or cool the rate of inflation.
The Bank's inflation target is 2% but the pace of price rises have grown in recent months, due to higher food and energy costs.
Ms Michail predicted that the Bank would cut interest rates one more time this year, forecasting that borrowing costs will fall from 4% to 3.75% in November.
Sign up for our Politics Essential newsletter to keep up with the inner workings of Westminster and beyond.