Job vacancies fall below one million for the first time in two years, study says

Advertised salaries fall in human resources and recruitment

The number of job vacancies has fallen below one million for the first time in over two years, new research suggests.

Advertised vacancies dropped by 2.7 per cent to 998,562 between October and November, the lowest since May 2021, according to jobs site Adzuna.

The report said falling vacancies suggested a stalling in the jobs market.

Adzuna added that its study also found that advertised salaries increased for the first time since June, up by 0.74 per cent to £37,221.

Social work saw the biggest annual increase in advertised salaries, up by over 10 per cent to £33,767 compared to a year ago, followed by jobs in energy, oil and gas (up by 8.95 per cent to £44,210) and manufacturing (up 8.11 per cent to £29,160), said Adzuna.

Advertised salaries had fallen in human resources and recruitment, according to the study.

Andrew Hunter, co-founder of Adzuna, said the UK jobs market had gone through a turbulent year, adding: “From the highest availability of jobs and advertised salaries since 2021, advertised jobs have fallen to less than one million, the lowest level we’ve experienced for over two and a half years.

“Competition is growing across sectors, making it harder for UK job hunters to find the right roles for them, particularly as sectors tighten their belts.

“Salaries appear to be rising again, yet with one of the worst years on record for salary transparency, it’s still difficult for potential recruits to understand compensation for the roles they’re applying for. As we head into 2024, finding a job will likely stay tough for the first part of the year.”