Job vacancies fall as small firms cut back on recruitment
Summary
Job vacancies in the UK dropped by 21,000 in the three months leading to September, the largest fall this year. Small businesses are hiring less because of higher labor costs, including energy prices and wage increases.Key Facts
- UK job vacancies fell to 691,000 between July and September.
- This drop of 21,000 is the biggest decrease since the start of the year.
- Small businesses say rising labor costs are causing them to hire less.
- Energy costs have increased due to the war in Iran.
- Higher National Insurance payments and a rise in the minimum wage have made hiring more expensive.
- Despite fewer vacancies, the unemployment rate decreased to 4.7% in the three months to August from 4.9%.
- The data comes from the UK Office for National Statistics (ONS).
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