Research finds fall in job vacancies

Job vacancies have fallen for the fourth time in five months amid continued uncertainty about the economic outlook, according to new research.

Recruitment agencies reported a fall in placing candidates into permanent jobs, leading to an increase in staff availability.

A survey of 400 recruiters found that many firms had often put plans to hire staff on hold.

The Recruitment and Employment Confederation (REC) and KPMG said their study found demand for staff had fallen.

Neil Carberry, REC chief executive, said: “The labour market’s resilience is a great strength of the British economy – but it can’t last for ever without sustained economic growth.

“Pay has normalised, inflation is dropping and the hiring market has been cooling for a year now – it’s high time that the Bank of England starts releasing the brake pedal on our economy.

“The Chancellor has the perfect opportunity in the Spring Budget to give some clear signals on growth. A long-term plan to tackle skills and labour shortages, economic inactivity and weak productivity is essential.

“A Spring Budget full of practical steps on skills, welfare to work and the cost of doing business will help hugely.”

Published: 08/02/2024 by Radio NewsHub