UK Vacancies Fall 21,000 to 691,000 as Small Firms Cut Hiring on Higher Labour Costs
Updated
Updated · BBC.com · Oct 20
UK Vacancies Fall 21,000 to 691,000 as Small Firms Cut Hiring on Higher Labour Costs
3 articles · Updated · BBC.com · Oct 20
Summary
691,000 UK job vacancies were recorded in the three months to September, down 21,000 and the lowest level in more than five years, with the sharpest drop in construction.
Small businesses drove the decline, the ONS said, citing higher labour costs from National Insurance, minimum-wage increases and rising energy bills since the Iran war began.
4.7% unemployment in the three months to August was the lowest since July last year, while payroll numbers were still slightly down and the ONS described the labour market as broadly flat.
3.7% regular pay growth and 0.8% real wage growth suggested some resilience before the Budget, though economists said hiring is likely to stay subdued as business costs ease only slowly.
15.6% unemployment among 16- to 24-year-olds remained elevated despite a quarterly drop, keeping pressure on the government as nearly 1 million young people are outside work, education or training.