Point cloud video (PCV) is a versatile 3D representation of dynamic scenes with many emerging applications. This paper introduces U-Motion, a learning-based compression scheme for both PCV geometry and attributes. We propose a U-Structured multiscale inter-frame prediction framework, U-Inter, which performs layer-wise explicit motion estimation and compensation (ME/MC) at different scales with varying levels of detail. It integrates both higher and lower-scale motion features, in addition to the information of current and previous frames, to enable accurate motion estimation at the current scale. In addition, we design a cascaded spatial predictive coding module to capture the inter-scale spatial redundancy remaining after U-Inter prediction. We further propose an effective context detach and restore scheme to reduce spatial-temporal redundancy in the motion and latent bit-streams and improve compression performance. We conduct experiments following the MPEG Common Test Condition and demonstrate that U-Motion can achieve significant gains over MPEG G-PCC-GesTM v3.0 and recently published learning-based methods for both geometry and attribute compression.