Small firms are cutting hiring due to higher labour and energy costs, causing a sharp drop in UK job vacancies.
01Summary
- 01Vacancies fell by 21,000 to 691,000 in the three months to September, the largest fall since the start of the year.
- 02The unemployment rate fell to 4.7% in the three months to August, down from 4.9%.
- 03Average earnings excluding bonuses rose 3.7% in the three months to August, with real wage growth of 0.8%.
- 04The largest decrease in vacancies was in construction jobs, which fell to their lowest level in more than five years.
- 05Youth unemployment for those aged 16 to 24 stood at 15.6% in the June to August quarter.
02Why it matters
This matters because it signals a cooling labour market, which could affect job seekers, especially young people, and may influence business confidence and government policy.
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