The UK job market continues to be in a prolonged slump.

The UK National Statistics Office released a report on the 17th, stating that the employment market in the UK continued to be sluggish due to rising labor costs, with the unemployment rate reaching a new high in years. The report's data shows that from March to May this year, the unemployment rate for people aged 16 and over in the UK reached 4.7%, an increase compared to both the previous year and the previous quarter, reaching the highest level in 4 years; during the same period, the number of registered employees in the UK decreased by 0.3% year-on-year and 0.2% quarter-on-quarter. The report cited survey results from the National Statistics Office, indicating that some businesses in the UK may no longer be hiring new employees or filling vacancies left by departing staff. Some analysts believe that with the increase in employer National Insurance contributions, businesses are becoming more cautious in their recruitment processes. Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, stated that the data released this time shows that the labor market in the UK continues to weaken as unemployment rates rise, job vacancies decrease, and wage growth slows down. She believes that wage increases in the UK are still outpacing inflation, but the continued pressure of labor costs on businesses is eroding operating profits.