Weak UK pay and jobs figures hint at tougher times ahead

Analysis: Slow earnings growth and unemployment rise do not mean labour market is collapsing, but they could be a sign

The idea that Britain's labour market is booming sits oddly with evidence that the economy has stalled since the turn of the year. Job vacancies are at record levels, the unemployment rate is below 4% and competition for workers - as the cancelled flights and check-in delays at airports show - is strong.

Even so, there were hints in the latest figures from the Office for National Statistics that the jobs market is starting to cool slightly. This trend can be expected to continue over the coming months if growth continues to be weak.