Number of job vacancies hits five year-low

The number of job vacancies in the UK fell to 707,000 in the March to May period, the lowest level since February to April 2021, according to the Office for National Statistics (ONS). ONS director Liz McKeown said the drop suggests firms are becoming more cautious about hiring. The professional services sector saw the largest decline, followed by retail and hospitality. The unemployment rate edged down to 4.9% in the three months to April, while regular pay growth held steady at 3.4% annually.