Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2024 02 26T001011Z 2 LYNXNPEK1P002 RTROPTP 4 BRITAIN ECONOMY - Business Express

UK job vacancies fall 15% year-on-year in January, Adzuna data shows


UK job vacancies fall 15% year-on-year in January, Adzuna data shows

LONDON (Reuters) – British employers advertised the fewest jobs in nearly three years last month, with numbers down 15% from a year ago, figures from recruitment data company Adzuna showed on Monday, adding to signs that the labour market is cooling.

Last week Bank of England Governor Andrew Bailey welcomed what he described as “full employment” – with the official jobless rate at 3.8% – despite the economy entering a shallow recession in the second half of last year.

However, the central bank wants to see wage growth slow from rates of more than 6% in order to put downward pressure on inflation, which remains double its target.

Falling job vacancies offer a potential sign that employers are finding it easier to recruit than in the immediate aftermath of the COVID-19 pandemic, when the number of vacancies peaked at more than 1.3 million.

Adzuna said 867,436 jobs were advertised in Britain in January, based on its analysis of more than 1,000 online sources. This was the lowest number since April 2021 and down from more than 1 million a year earlier.

“January 2024 has proven to be one of the most difficult starts to the year for job hunters in recent years with companies continuing to put hiring plans on ice,” Adzuna co-founder Andrew Hunter said.

The number of job seekers per advertised vacancy rose to 1.81 from 1.48 a year earlier.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

However, Hunter said, preliminary data for February suggested the number of vacancies was stabilising.

Previous vacancy data from the Office for National Statistics showed an 18% annual fall in job vacancies for the three months to the end of January.

Adzuna said the average starting salary – which employers only published for just under half of positions advertised – was 38,168 pounds ($48,450), 3.0% more than a year earlier.

($1 = 0.7878 pounds)

 

(Reporting by David Milliken; editing by Mark Heinrich)

 

Recent Post: