"Hiring in the UK weakened again in January, pushing advertised vacancies to their lowest level in five years, which may signal growing challenges for policymakers and labour analysts in maintaining employment levels. Vacancies declined by 3.05% month-on-month to 694,940 roles, marking the lowest level in five years and signalling a notable contraction in the UK labour market. The figures suggest the labour market is edging closer to pandemic-era conditions."
"The figures suggest the labour market is edging closer to pandemic-era conditions, with unemployment climbing to 5.2%, a development that should prompt HR professionals and policymakers to consider potential impacts on workforce stability. Youth unemployment has risen more sharply, reaching 16.1%, the highest level in more than a decade. Entry-level vacancies are down 4.4% year-on-year, while graduate roles have plunged 45% annually, the steepest annual drop since late 2020."
Advertised job vacancies in the UK fell 3.05% month-on-month to 694,940 in January, the lowest level in five years, indicating a contracting labour market. Unemployment climbed to 5.2%, while youth unemployment rose to 16.1%, the highest in more than a decade, and 946,000 young people were NEET. Entry-level vacancies fell 4.4% year-on-year and graduate roles plunged 45% annually. Despite weaker hiring, average advertised pay reached £43,289 in January, up 0.69% month-on-month and 5.98% year-on-year, outpacing inflation. Public sector pay rose 7.2% annually; IT remained highest-paid at £63,428.
Read at London Business News | Londonlovesbusiness.com
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