UK interest rate rises are taking the labour market off the boil

Number of vacancies falls and more people rejoin workforce – but work is needed on skills and ill health

• UK payroll numbers fall as unemployment rate rises to 3.9%

There are signs the Bank of England’s interest rate rises are making businesses think twice about hiring staff, bringing down the number of vacancies.

Pushing in the same direction, the high cost of living is driving more people back into the workforce.