UK labor market weakened in March

The Recruitment and Employment Confederation (REC) reports that the UK labor market weakened again in March. The number of people searching for a job rose the steepest in more than four years. 

According to the confederation, the pace of hiring decelerated last month. March also saw fewer job openings. However, Neil Carberry, REC chief executive, highlights the signs that the downturn in hiring is easing, even as companies face higher social security contributions. 

Nevertheless, the prospects for further improvement in UK hiring remain uncertain due to the US government's trade policies, Carberry notes.

The REC reports that its gauge of pay growth for permanent employees remains low by historical standards. However, it rose in March from a four-year low in February. The pace of temp wage increase accelerated slightly to a three-month high.

The Bank of England continues to monitor inflation pressures in the labor market ahead of its next meeting in May.