Job vacancies slide to a five-year low of 691,000 despite falling unemployment, with small firms blaming labour costs
Smaller businesses are pulling back on recruitment, citing higher National Insurance contributions and minimum wage rises as factors pushing up the cost of taking on staff. Youth unemployment stands at 715,000 — 54,000 higher than a year earlier. Vacancies, at 691,000, have not fallen this low outside the pandemic since 2014. The bleak data land ahead of Chancellor John Healey's autumn Budget next week.
Pat McFadden insisted the figures 'show the resilience of our labour market'.
Adverts for 'starter' jobs have almost halved in a decade, to 71,000 a week.
Total pay growth including bonuses fell to 3.7%, the weakest in nearly six years.
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LBCFalling unemployment cannot disguise the UK's miserable job marketLBCUK’s jobless rate falls but shrinking vacancies a ‘bitter blow’ to jobseekersGB NewsUK wage growth at weakest level in six years, new figures showBBC News - BusinessJob vacancies fall as small firms cut back on recruitmentLBCUK unemployment falls to lowest in a year but vacancies slide furtherGB 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 yearsIrish TimesUK unemployment falls to lowest in a year but vacancies slide
