Employment, a bright spot in the U.K.'s otherwise battered economy, has begun to dim. The International Labor Organization says British joblessness climbed to 7.9% in the first quarter. "Today's labor market data provided more evidence that the previous resilience of the jobs market is fading fast. What's more, the combination of a slowdown in regular pay growth and a drop in bonuses left overall average earnings unchanged on a year ago. More reason, then, to doubt that the pickup in consumer activity since the start of the year can be sustained," said Vicky Redwood, chief U.K. economist at Capital Economics.
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