This really has nothing to with AI either. Hospitality and retail workers are not getting replaced by LLM chat bots anytime soon and they saw the biggest decline. 72k for retail and 70k for hospitality.
WinHour4300 on
Much of the decline is in *legal* hospitality and retail. I wonder what’s happening with the black market. Of course it’s impossible to measure but these sectors have a lot of raids and fines. And recent increases to minimum wage and employer NI combined with tight margins raises the incentive to hire illegally…
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This really has nothing to with AI either. Hospitality and retail workers are not getting replaced by LLM chat bots anytime soon and they saw the biggest decline. 72k for retail and 70k for hospitality.
Much of the decline is in *legal* hospitality and retail. I wonder what’s happening with the black market. Of course it’s impossible to measure but these sectors have a lot of raids and fines. And recent increases to minimum wage and employer NI combined with tight margins raises the incentive to hire illegally…
London businesses alone were fined £6.7m in just six months for employing illegal workers, mostly in hospitality and retail:
https://www.standard.co.uk/news/politics/london-illegal-worker-fines-home-office-restaurants-b1266887.html
But the government wants to force 250k, disabled people, in to jobs that don’t exist.
So non disabled people aren’t having an easier time.
The [UK unemployment rate](https://tradingeconomics.com/united-kingdom/unemployment-rate) has been going up since the Bank of England started raising [interest rates](https://tradingeconomics.com/united-kingdom/interest-rate) in 2022. Higher interest rates make borrowing and spending slower, which means businesses hire less (or lay people off). That’s a normal and expected way central banks try to cool down high inflation.
Please check the links – select 5 year on the charts.