According to CoinMeta, the lobby group of accountants ICAEW stated that given that the labor market situation seems to be helping to curb inflation by suppressing wage growth, UK employment data has reduced the likelihood of the Bank of England raising interest rates in September. Suren Thiru, the chief economist of ICAEW, said: "The UK labor market is still in a state of low mobility and stagnation. Due to rising costs, worsening global factors, and increased policy uncertainty, employers are reluctant to hire, lay off, or give substantial salary increases." The reduction in job vacancies indicates that labor demand is shrinking, and speculation about the autumn government budget may dampen employers' willingness to hire.