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3h ago

UK Vacancies Post First Annual Drop Since February as Advertised Pay Keeps Rising

Higher payroll costs alongside budget uncertainty prompt employers to rein in hiring.

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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
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The boss of Next is among those warning that high unemployment is hampering economic growth

Overview

  • Adzuna data show online job ads fell 2.1% in August from July and 1.3% year on year to 846,567, with roughly two jobseekers per vacancy as unemployment holds near 4.7%.
  • Average advertised pay rose 0.2% on the month and 8.9% on the year to £42,367, leaving wage growth well above inflation and complicating the Bank of England’s rate-cut calculus.
  • The CBI reports firms expect weaker activity over the next three months, citing the April rise in employer social contributions and nerves over the 26 November budget.
  • Graduate openings are down by about 35% on the year, while vacancies fell sharply in healthcare and teaching and increased for warehouse, domestic help and cleaning, and HR and recruitment roles.
  • Pay transparency is slipping, with Indeed reporting only 56% of postings disclosing wages in August, the lowest since early 2022, as average time to fill a role stretched to 37.3 days.