Small firms blame rising labour costs as job vacancies slide to a five-year low a week before the Budget
Job openings dropped by 21,000 to 691,000 in the three months to September, their lowest point since 2014 outside the pandemic, according to the Office for National Statistics. The Labour government has pushed up both employer national insurance contributions and the minimum wage. Unemployment unexpectedly fell to 4.7%, defying forecasts of 5%. Chancellor John Healey will deliver his first Budget on 28 October.
ICAEW chief economist Suren Thiru called the vacancy slump 'a flashing red warning light'.
Payroll numbers are still down 66,000 over the year to September.
Construction saw the largest drop in job vacancies of any sector.
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Evening StandardUK unemployment falls to lowest in a year but vacancies slide furtherBBC 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 BudgetThe IndependentUK unemployment falls to lowest in a year - but vacancies drop to five-year low to underline jobs challengeThe GuardianSurprise drop in UK unemployment to 4.7%Financial TimesUK job vacancies slide over the summerCity A.M.Job vacancies fall below 700,000 for first time in over five yearsThe HeraldScotland unemployment falls to 4.3 per cent, below UK averageIrish TimesUK unemployment falls to lowest in a year but vacancies slide
