U.K. Inflation Pressures Mount as Labor Market Strengthens

The transcript discusses the impact of unemployment figures on the Bank of England's interest rate decisions, highlighting the influence of the Omicron variant. It notes a strong labor market with record vacancies and payrolls, which could support consumer spending. The pandemic has altered the job market, making it smaller, younger, and more female, partly due to increased remote work. However, Brexit has led to a shortage of workers in certain sectors. The Omicron variant is already affecting the hospitality industry, with businesses scaling back hiring due to canceled bookings.

What is the current state of vacancies and payrolls in the labor market?

What effects has the Omicron variant had on the hospitality sector?