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flag UK unemployment rises to 4.5%, job vacancies drop, as wage growth slows amid rising costs.

flag The UK's unemployment rate has risen to 4.5%, a near four-year high, as wage growth slows to 5.6% year-on-year. flag The number of job vacancies has dropped by 42,000, remaining below pre-pandemic levels. flag This labor market slowdown is partly due to increased employee costs from rising national insurance contributions and the minimum wage hike. flag Despite the cooling market, wages still outpace inflation by 2.6%. flag The Bank of England may cut interest rates further in response.

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