Warning signs are growing in the labour market with payroll employees falling 274,000 compared to a year ago and vacancies now 83,000 below pre-pandemic levels. Payroll employment fell particularly sharply in retail and hospitality, down 200,000 on last year. This could reflect a combination of economic and international uncertainty and rising employer costs like the minimum wage and national insurance. But the figures are subject to substantial revision so we should be cautious in drawing conclusions. The Chancellor's Spending Review needs to help chart a course to long-term growth, including raising employment and living standards.