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The number of people looking for work has risen as job vacancies fall suggesting that the uncertain economic outlook is hitting employment.

About 220,000 more people were seeking work between December and February than in the three months before.

Unemployment rose slightly and job vacancies fell for the ninth time in a row, official figures suggest.

However, the figures also showed a rise in the employment rate as more people returned to the jobs market.

Overall, UK economic growth has been flat since spring last year, with the effects of high energy prices and rising interest rates taking their toll, along with strikes in several sectors.

Figures from the Insolvency Service on Tuesday also showed a sharp rise in the number of firms going bust in March. There were 2,457 business insolvencies last month, up from 1,784 in February.

Inflation - the rate at which prices rise - has been running at more than 10%, remaining close to 40-year highs, and the latest earnings figures showed that pay increases continue to lag behind rising prices.

Annual growth in regular pay, which excludes bonuses, was 6.6% between December and February, the Office for National Statistics (ONS) said.

However, when taking inflation into account, regular pay fell by 2.3%.

The ONS figures showed that the employment rate edged up to 75.8% in the three months to February. In the same period, the unemployment rate rose to 3.8%, up from 3.7% in the previous three months.

Job vacancies fell for the ninth time in a row with companies blaming economic pressures for holding back on hiring new staff.

 

Link: https://www.bbc.com/news/business-65301742