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12h ago

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

Policy‑driven labour cost pressures are steering employers toward restraint.

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

Overview

  • Vacancies fell sharply in September in the REC/KPMG survey, while hiring of full-time staff continued to decline.
  • Growth in permanent staff pay slipped to an index reading of 50.2, the weakest wage increase since March 2021.
  • The permanent placements index registered 44.8, remaining well below the 50 threshold that signals stability.
  • Candidate supply increased for a 31st month to an index of 65.4 as redundancies and non-replacement expanded the pool of jobseekers.
  • Starting salaries rose only negligibly and temporary pay growth dropped to an eight-month low, with a steeper vacancy decline in the public sector and London’s fastest fall in permanent placements since August 2020.