Job vacancies slump to a five-year low with small firms blaming labour costs, despite unemployment falling to 4.7%
Outside the Covid years, vacancies have not been this scarce since 2014, sinking by 21,000 to 691,000. Payroll numbers are still down 66,000 over the year to September. Small firms blame increases in National Insurance and the minimum wage for freezing their hiring. ICAEW chief economist Suren Thiru called the slump a 'flashing red warning light' barely a week before Chancellor John Healey delivers his first Budget.
Construction suffered the biggest fall in vacancies of any sector, according to the ONS.
Work and Pensions Secretary Pat McFadden hailed 'the resilience of our labour market'.
Total pay including bonuses recorded its slowest growth in almost six years.
More
LBCUK’s jobless rate falls but shrinking vacancies a ‘bitter blow’ to jobseekersBBC News - BusinessJob vacancies fall as small firms cut back on recruitmentDaily Mail NewsUnemployment rate dips to 4.7% while earnings growth rises to 3.7% one week before the BudgetLBCUK unemployment falls to lowest in a year but vacancies slide furtherThe GuardianSurprise drop in UK unemployment to 4.7%GB NewsWage growth slows to weakest pace in nearly six years as UK jobs market 'in drought'The IndependentUK unemployment falls to lowest in a year - but vacancies drop to five-year low to underline jobs challengeCity A.M.Job vacancies fall below 700,000 for first time in over five yearsReutersSterling rises as strong labour market data reinforces rate hike betsReutersUK jobs market shows some recovery signs as BoE mulls rate hikeIrish TimesUK unemployment falls to lowest in a year but vacancies slide
