The economy continues to face financial pressures as eight-thousand employees across the UK were cut from the job market in the last month. It’s the sixth month in a row payroll figures have fallen. Unemployment is also taking a hit, reaching a four-year high over the recent April to June period. Meanwhile, figures released on Tuesday from the Office for National Statistics show a slump in job vacancies as well, falling by 44,000 to 718,000 in the recent May to June period. It’s the lowest outcome since April 2021, when fallout from the Covid-19 pandemic peaked in the UK. It comes as the Bank of England cut interest rates by a quarter point to 4 percent last Thursday, citing signs of a ‘gradual loosening’ in the labour market and a slowdown in hiring. The first cut down in more than two years came down to a narrow vote, with four members of the Monetary Police Committee favouring no change amid concerns that rising food and energy prices could drive inflation to a four percent peak this year. Experts say higher taxes and wage costs are contributing to a nationwide apprehension to take on staff, with the National Living Wage rising from £11.44 to £12.21 in April of this year. Jobs in the hospitality industry were cut faster than any other area, while the arts, entertainment and recreation industry led the charge with a 17.6 percent drop from the previous quarter. Retail sales rose by 2.5 percent compared to the same time last year, outperforming the 12-month average of 1.9 percent. Food sales saw the steepest increase, up 3.9 percent, driven largely by higher prices than increased demand. After a decline last year, non-food sales also improved, climbing by 1.4 percent. Economists have predicted the Bank of England will cut interest rates once more this year and expect borrowing costs to fall from four percent to 3.75 percent in November.