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British unemployment steady as vacancies hit four-year low
The UK labor market shows stability with an unemployment rate of 4.9%, but is experiencing a decline in job vacancies, which have fallen to their lowest level since April 2021, dropping to 702,000 jobs in August. Weekly wage growth remained steady at 3.5% over the three months ending in July, according to data from the Office for National Statistics. The data indicates an increase in employment costs for small businesses, while the Bank of England is assessing the impact of rising energy prices on wage growth and inflation, with expectations of raising interest rates in upcoming meetings to ease economic pressures.
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