The U.K.'s unemployment rate hit 4.7% in June, its highest level in four years, while the number of job vacancies slumped for a 37th consecutive quarter. CNBC's Ritika Gupta takes a look at the task ahead for the Bank of England Governor Andrew Bailey.
Breakdown
- UK employment data shows 238,000 jobs added in the three months to June. 33s
- Payroll employees declined by 8,000 in July, the smallest drop since January. 40s
- Official statistics face credibility questions and hiring intentions are at record lows. 1m 21s
- Surveys indicate growing worker availability, fewer vacancies, and downward wage pressure. 2m 13s
- AI and changing education values are influencing hiring strategies and entry-level job prospects. 2m 38s