"UK vacancies fell to their lowest levels since 2021 last month - down -3.61% month-on-month to below 796,385 and -7.36% annually - as competition for jobs reached a four-year high, according to the latest UK Job Market Report by job matching platform Adzuna. Ahead of November's Autumn Budget, businesses have stalled hiring plans, causing the vacancy numbers to fall below 800,000 for the first time since March 2021 as the jobseekers per vacancy ratio climbs to its highest level since May 2021,"
"Economic inactivity rate is at a 15-year high, with 2.8 million people currently out of work due to long-term sickness. According to the latest "Unlocking Britain's Talent" whitepaper, more effective matching through data and AI tools could move up to 500,000 more people into work by 2029, easing pressure in hard-hit sectors such as healthcare. This could also save the UK an estimated £2.7 billion a year by cutting the benefits bill and more tax revenue."
"Yet while vacancies fall, salaries continue to grow. The average advertised salary rose to £42,531 in October - a +0.27% month-on-month lift and up +8.4% year-on-year. This means wage growth continues to outpace inflation ( 3.6%) and is particularly strong in the public sector - which saw +6.6% growth compared to the private sector's +4.4% - as well as across Wales, where annual wages rose +12.59% in October."
Vacancies dropped to below 796,385, a 3.61% month-on-month and 7.36% annual decline, with jobseekers per vacancy rising to 2.12, the highest since May 2021. Unemployment increased to 5%, the highest since 2020. Economic inactivity hit a 15-year high with 2.8 million people out of work due to long-term sickness. More effective matching through data and AI tools could move up to 500,000 people into work by 2029 and save an estimated £2.7 billion annually. Average advertised salary rose to £42,531 in October, up 8.4% year-on-year and outpacing inflation. Public sector wages rose 6.6% while private sector growth was 4.4%.
Read at London Business News | Londonlovesbusiness.com
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