The number of job vacancies has fallen below 1m for the first time in more than two years, research suggests.
Between October and November, the number fell by 2.7% to 998,562, the lowest since May 2021, according to the 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 rose for the first time since June, up by 0.74% to £37,221.
Social work had the biggest annual increase in advertised salaries, up by more than 10% to £33,767 compared with a year ago, followed by jobs in energy, oil and gas (up by 8.95% to £44,210) and manufacturing (up 8.11% to £29,160), said Adzuna. Advertised salaries had fallen in human resources and recruitment.
Andrew Hunter, co-founder of Adzuna, said the UK jobs market had gone through a turbulent year. “From the highest availability of jobs and advertised salaries since 2021, advertised jobs have fallen to less than 1m, the lowest level we’ve experienced for over two and a half years,” he added.
“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.
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“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.”