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What’s going on: Â
In March, the British labor market had a decrease in the rate of pay growth and the shortage of job applicants receded for the first time in two years, according to a survey of recruiters. Â
The Recruitment and Employment Confederation/KPMG stated that the increases in starting salaries for permanent staff were the second-lowest in nearly two years, but remained considerable in comparison to the past. Â
In March, the number of available workers increased for the first time since February, spurred on in part by the increasing number of employees being laid off, according to Reuters. Â Â
Why it matters: Â
The Bank of England, which has increased interest rates 11 times since December 2021 to contain a spike in inflation, worries about the expenditure pressures in the labor market but has remarked that it anticipates pay growth to weaken.Â
How it’ll impact the future:Â
Although it slowed last month, pay growth continues at a rapid rate, which likely attributable to inflationary pressures on wages as well as a dwindling supply of labor.Â
