UK Job Losses Accelerate as Wage Growth Hits Five-Year Low

The number of employed people in the UK fell sharply in December. Official data shows it was the largest monthly drop in over five years. Payroll employee numbers fell by 43,000 from November. The total now stands at 30.2 million. Sectors like shops, restaurants, bars, and hotels were particularly hard hit. This reflects a broad slowdown in hiring across the economy. At the same time, wage growth in the private sector slowed significantly. It is now at its weakest rate in five years. The overall UK unemployment rate remained steady at 5.1%.