Number of job vacancies hits five year-low
Summary
The number of job vacancies in the UK has dropped to the lowest point in five years, with many businesses hiring fewer workers. The overall job market is stable but shows signs of weakness, especially in professional services, retail, and hospitality.Key Facts
- Job vacancies fell to 707,000 between March and May 2026, the lowest since early 2021.
- Businesses are becoming cautious about hiring new staff.
- Professional services saw the biggest drop in job openings, followed by retail and hospitality.
- The number of new hires in April was just under 540,000, the lowest monthly total since March 2021.
- Unemployment slightly decreased from 5% to 4.9% in early 2026.
- Average regular pay increased by 3.4% annually but wage growth in the private sector is at its slowest in over five years.
- Rising costs, like minimum wage and national insurance, make it harder for businesses to hire young and inexperienced workers.
- Some workers are choosing self-employment amid fewer job vacancies.
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