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2h ago

UK Job Postings Fall in August as Firms Grow Cautious Before Budget

Advertised pay continues to climb, leaving policymakers weighing slackening hiring against persistent wage pressures.

People walk outside the Bank of England in the City of London financial district in London, Britain May 11, 2023. REUTERS/Henry Nicholls/File Photo
The boss of Next is among those warning that high unemployment is hampering economic growth

Overview

  • Adzuna reports vacancies down 2.1% on the month to 846,567 and 1.3% on the year, the first annual drop since February.
  • Despite the decline, postings remain above January levels, which Adzuna says signals a market that is cooling rather than collapsing.
  • Advertised salaries rose 0.2% on the month and 8.9% on the year to £42,367, keeping wage growth above inflation and complicating Bank of England decisions.
  • The CBI’s activity gauge fell to -32 for the three months to September and expectations dropped to -20, with businesses voicing renewed nerves about the November 26 budget.
  • Employers cite higher April costs from national insurance and the minimum wage, sectoral and regional divergence in postings, and a looser market with roughly two jobseekers per vacancy.