The UK job market weakened further this week, with the unemployment rate rising from 4.6% to 4.7% in the three months to May, according to new data from the Office for National Statistics (ONS). At the same time, annual wage growth slowed to 5% between March and May, reinforcing the case for the Bank of England to consider cutting interest rates as economic pressures mount. Liz McKeown, Director of Economic Statistics at the ONS, commented: “The labour market continues to weaken, with the number of employees on payroll falling again. However, revised tax data shows the recent decline is less pronounced than previously estimated.” This data was released just a day after the ONS reported a surprise rise in inflation to 3.6%, adding further complexity to the Bank of England’s upcoming decisions. Meanwhile, job vacancies in the motor trade sector dropped from 16,000 (March–May) to 14,000 (April–June), reflecting a broader slowdown in hiring.