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Is the UK job market improving or getting worse?
The UK job market has shown signs of stabilisation after earlier declines. Unemployment has risen slightly to 4.8%, and wage growth has slowed to 4.7%. While these figures suggest some challenges, they also indicate that the market is not deteriorating rapidly. External uncertainties and policy changes continue to influence hiring trends, but there are signs of resilience.
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What does stabilising mean for workers in Hong Kong?
In Hong Kong, the unemployment rate has increased to 3.7%, reflecting sector-specific impacts and ongoing economic restructuring. Stabilising suggests that while employment figures are not improving significantly, they are not worsening either. This could mean job security is holding steady for now, but workers should stay alert to potential shifts in the job market.
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Are wages finally rising again?
Wage growth in both regions has slowed, with recent data indicating a slowdown to around 4.7%. While wages are still increasing, the pace has decelerated, which may impact workers' purchasing power and savings. Experts suggest that wage growth might pick up again if economic conditions improve, but for now, growth remains cautious.
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How do current unemployment rates compare to last year?
Compared to last year, the UK’s unemployment rate has increased slightly from previous lows, while Hong Kong’s rate has also risen modestly. These changes reflect ongoing economic adjustments and external uncertainties. Although the rates are still relatively low, the upward trend indicates a cautious outlook for the near future.
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What are the main factors affecting the labour markets right now?
External uncertainties, such as economic policy shifts, inflation, and global economic conditions, are impacting both the UK and Hong Kong labour markets. In the UK, recent tax increases and policy changes have slowed hiring, while in Hong Kong, economic restructuring and labour import restrictions have played a role. These factors contribute to the current stabilisation phase.
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Should workers be worried about job security now?
While the labour markets are stabilising, some sectors are still experiencing declines, and wage growth is slowing. Workers should stay informed about industry trends and consider upskilling to remain competitive. Overall, job security remains manageable for many, but vigilance is advised given the economic uncertainties.