The UK’s job market saw significant changes in August 2023, with job applications per vacancy reaching the highest number since January 2021.
- There was a 38.3% increase in job applications per posting year-on-year.
- Social care led industry growth with a 142.8% rise in applications per job.
- Regions like East Midlands and North West experienced the largest surges.
- Economic pressures, including cost of living, are steering more candidates back into the job market.
New data from a prominent UK job board highlights a dramatic surge in job market activity during August 2023. Applications per job advertisement increased by over a third, achieving a 38.3% rise compared to the previous year. This growth marks the highest level of job competition since January 2021, traditionally a quieter recruitment month.
Particularly noteworthy is the 142.8% surge in the social care sector. Education, IT, construction, and distribution sectors also demonstrated significant increases, ranging from 39.2% to 64%. Such disparities indicate shifting industry demands and opportunities.
Geographically, several UK regions experienced notable developments. The East Midlands topped regional growth with a 54.4% increase in job applications per vacancy. The North West, West Midlands, North East, and South West followed closely, all illustrating marked rises in job-seeker activities.
Lee Biggins, Founder and CEO of the job board, remarked on the market’s evolution: “The job market is undoubtedly shifting. While job vacancies are still high, they’ve fallen from their peak levels in July 2022. Jobseekers face more competition than any time since January 2021.”
Economic conditions, especially the ongoing cost of living crisis, contribute significantly to this trend, driving more individuals to seek employment or augment their income.
The UK job market’s increased competition underscores shifting economic conditions and dynamic sectoral demands.
