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5h ago

UK Vacancies Drop at Fastest Pace Since Pandemic as Pay Growth Hits Four-Year Low

A new REC/KPMG survey points to employer cost pressures and a larger pool of candidates curbing wage settlements.

A view of the financial district in London, Britain, September 23, 2023. REUTERS/Matthew Childs
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Markets still expect the Bank of England to keep borrowing costs on hold at 4 per cent for the remainder of the year

Overview

  • REC/KPMG’s September Report on Jobs shows vacancies falling sharply, with the market tilting toward employers.
  • Permanent placements remained weak with an index reading of 44.8, well below the 50 threshold that signals stability.
  • Starting salary growth was described as negligible, and temporary pay growth eased to an eight‑month low.
  • The supply of candidates continued to rise, with the index at 65.4 and increases recorded for 31 consecutive months.
  • Public sector vacancies declined more steeply than private sector roles, and London’s permanent placements fell at the fastest rate since August 2020.