Mhairi Black said UK interest rates were among the highest in the G7 and mortgages rates were rising, despite the claims of economic stability from Rishi Sunak. Oliver Dowden pointed out that the Organisation for Economic Co-operation and Development (OECD) had upgraded its growth forecast for the UK.

In March, investment bank Goldman Sachs predicted in a report that AI could eventually replace 300 million full-time jobs globally and affect nearly one-fifth of employment — with a particular hit to white-collar jobs often considered automation-proof, such as administrative and legal professions.

The US labor market picked up momentum in May, once again defying expectations of a slowdown. But Federal Reserve officials are still likely to suspend rate hikes in their upcoming policy meeting because of broader trends pointing to a weakened economy later in the year.

The May jobs report released Friday provided a key look at the labor market's health amid the Federal Reserve's aggressive interest rate-hike campaign.

For months, employers have churned out jobs at a rate that has baffled economists. And the labor market has propelled the economy through a barrage of forces that would normally weigh on jobs creation.