Job vacancies at five-year low as smaller firms scale back recruitment
Summary
The number of job vacancies in the UK has dropped to the lowest point in over five years, mainly because smaller companies are hiring fewer workers. Despite this, the overall unemployment rate stayed the same at 4.9%, and regular wages grew slightly by 3.5% in the latest three months.Key Facts
- Job vacancies fell to 707,000 between May and July, the lowest in over five years.
- Smaller businesses reduced hiring due to concerns about labor and operating costs.
- The overall labor market did not change much during this period.
- The unemployment rate remained steady at 4.9%.
- Regular wages, excluding bonuses, increased by 3.5% yearly in the three months to June.
- The data comes from the UK’s Office for National Statistics (ONS).
- The UK economy continues to grow, but experts expect difficult months ahead.
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