UK jobs market is turning a corner

The jobs market is “turning a corner” following steep falls in vacancies in recent years, research suggests.

Jobs site Adzuna said there were more than 860,000 advertised vacancies last month, only a slight fall compared to January, driven by increasing openings in sectors such as travel and maintenance.

Adzuna said this marks the first indication of a steadying jobs market, after several recent months of sharp declines.

There are around two jobseekers per vacancy, while average advertised pay is now £38,478, slightly up since January, said the report.

Some sectors have seen a fall in advertised vacancies, including retail, domestic help and cleaning and hospitality.

Andrew Hunter, co-founder of Adzuna, said: “The UK jobs market may have become tighter over the past few months following a decline in advertised vacancies, but this has only pushed advertised average salaries to the highest levels we’ve ever seen.

“There may not be an abundance of roles at the moment, but companies that continue to hire and grow are prepared to invest in new team members and secure skilled, experienced staff.

“It’s too soon to know yet what the impact of the recent UK budget will have on the jobs market but proposed changes to child benefit and free childcare reform may lead to an influx of people entering the workforce over the next few months which could help reduce shortages in key sectors such as teaching.”

Published: 25/03/2024 by Radio NewsHub