Job openings fell below a million in November for the first time this year, according to the report.
The number of advertised jobs between October and November fell 2.7 percent to 998,562, the lowest level since May 2021, according to job exchange Adzuna.
The figures suggest an 8.55 percent decline from the same period in 2022, marking the first time in 2023 that the annual decline worsened from the previous month.
Adzuna added that the average advertised salary rose 0.74 percent to £37,221 for the first time since June.
The biggest year-on-year increase in advertised salaries was in the social sector, up more than 10 per cent to £33,767 on the previous year, followed by jobs in energy and oil and gas (up 8.95 per cent to £44,210) and production (plus 8.11%). ). ). interest up to £29,160).
Employers have struggled to fill some roles in recent years after workers left the labor market during the Covid pandemic, with Brexit also reducing the supply of available workers.
However, the latest vacancy figures show a significant decline in business confidence, the employment agency said.
Economic data released last week showed the economy contracted unexpectedly in October, and some economists have suggested the UK could fall into recession, defined as two consecutive quarters of negative economic growth, next year.
Gross domestic product (GDP) fell 0.3 percent in October, compared with a 0.2 percent rise in September, the Office for National Statistics (ONS) said, amid high interest rates.
The Bank of England noted in its report that high interest rates are affecting job supply, and was published alongside its recent decision to maintain interest rates.
Adzuna co-founder Andrew Hunter said people would likely find it “difficult” to find work at the start of 2024.
“Competition is increasing across all sectors, making it more difficult for UK job seekers to find the right job for them, especially at a time when industries are tightening their belts,” he said.
He also added that less market transparency is making it increasingly difficult for potential recruits to “understand the compensation for the roles they are applying for.”
In November, slightly more than half (50.5%) of the advertisements placed were paid.
Source: I News

I am Moises Cosgrove and I work for a news website as an author. I specialize in the market section, writing stories about the latest developments in the world of finance and economics. My articles are read by people from all walks of life, from investors to analysts, to everyday citizens looking for insight into how news will affect their finances.