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UK unemployment steady as vacancies fall
The UK labor market remained stable, with job vacancies dropping to their lowest level in four years, decreasing to 702,000 in August from 706,000 in July. The unemployment rate held steady at 4.9%, while weekly wages excluding bonuses increased by 3.5% over the three months ending in July, in line with economists’ expectations. These figures are significant ahead of the Bank of England's decision on interest rate hikes, with expectations of possible increases in the future, amid rising employment costs for small businesses and the impact of high energy prices on economic growth and inflation.
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