Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK Job vacancies fall below one million

by December 18, 2023
December 18, 2023
UK Job vacancies fall below one million

The number of job openings in the UK has dipped below 1 million for the first time since May 2021, signalling that the labour market is cooling off as higher interest rates take their toll on the economy.

Vacancies dropped to 998,562 last month, down 2.7 per cent from the 1.02 million job postings in October, according to Adzuna, the job search engine. On an annual basis, open roles were down by 8.6 per cent.

The survey underscores that demand for workers has fallen in response to pessimism about the health of the UK economy and tighter financial conditions. Depressed consumer spending has reduced the need for companies to expand staffing levels, prompting them to rein in hiring activity.

Growth unexpectedly turned negative at -0.3 per cent in October and gross domestic product (GDP) is likely to stall in the final quarter of this year, according to the Bank of England.

Britain’s jobs market this year has confused economists, who had anticipated a sharp increase in unemployment caused by the Bank of England raising interest rates aggressively to a 15-year high of 5.25 per cent.

However, joblessness has been broadly contained, rising slightly to 4.2 per cent. According to official data from the Office for National Statistics, vacancies have contracted for 17 months in a row but are still far above their pre-pandemic level of just under 1 million.

New projections from KPMG indicated that the UK’s unemployment rate would climb to 4.9 per cent by 2025 and the consultancy warned that broader economic growth was “vulnerable to shocks” in the coming years. The forecast expects the wider economy to reach growth of 0.5 per cent this year and in 2024.

Adzuna’s survey showed that the market has deteriorated rapidly in the second half of this year, suggesting that demand for workers will be softer in 2024 and unemployment will creep up.

In the space of six months, vacancies fell to their lowest level this year in November from a high point in June of 1.05 million. For most of this year, workers have found it relatively easy to find a new job with a better salary, due to strong demand for staff.

Falling vacancies and an increase in volume of available candidates, driven by a rise in redundancies, have raised competition between workers. The number of job seekers per vacancy hit 1.56 in November, up from a low of 1.45 in June.

Andrew Hunter, co-founder of Adzuna, said: “Competition is growing across sectors, making it harder for UK job hunters to find the right roles for them, particularly as sectors tighten their belts.”

Adzuna said that advertised salaries rose for the first time since June, up 0.74 per cent to an average of £37,221 and down from their 2023 peak of £37,806. London was the only area of the UK where proposed salaries fell, down 2 per cent to an average of £42,928.

Lawyers command the highest potential pay, with average advertised salaries in the sector at £54,633, followed by IT workers, who are offered an average of £51,284. Demand for HR and recruitment staff is severely depressed, with vacancies in the sector down 42.5 per cent over the past year.

Just 50 per cent of open roles had their salaries included in the job advertisement in November.

Hunter said: “Salaries appear to be rising again — yet with one of the worst years on record for salary transparency, it’s still difficult for potential recruits to understand compensation for the roles they’re applying for.”

Read more:
UK Job vacancies fall below one million

0
FacebookTwitterGoogle +Pinterest
previous post
Israel’s most wanted: ‘Butcher of Khan Younis,’ other Hamas terrorists now in IDF’s sights
next post
Number of young entrepreneurs selling their businesses increases by nearly quarter in one year

You may also like

London City Airport Secures £130m Lifeline Amid Business...

October 13, 2024

Sunak’s government ‘going backwards’ on green economy, says...

December 5, 2022

How To Maximise Google Ads Results With A...

February 23, 2024

Home charger maker Myenergi slips into the red...

December 24, 2024

Stamp duty cut will benefit UK’s wealthier and...

September 22, 2022

Up to 4 million homes could be built...

September 23, 2024

UK exporters face £27bn Brexit hit as smaller...

December 18, 2024

Economic output slumps to its lowest since first...

November 21, 2022

Higher costs trigger rise in insolvencies

November 16, 2022

Getting To Know You: Lionel Lodge, CEO &...

January 22, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Silver’s Surge is No Fluke—Here’s the Strange Ratio Driving It

      June 6, 2025
    • Friday Feature: Incubate Debate

      June 6, 2025
    • Risch urges ‘top to bottom’ USAID spending review after waste, fraud exposed

      June 6, 2025
    • Universities in Libertarian Land

      June 6, 2025
    • Elon Musk may speak to Trump aides in push to calm feud

      June 6, 2025
    • Everyone Talks About Leaving a Better Planet for Our Children: Why Don’t We Leave Better Children for Our Planet?

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,013)
    • Politics (15,545)
    • Stocks (3,131)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved