The UK job market in 2024 shows pronounced challenges, with declining advertised vacancies and increasing unemployment as highlighted in March’s data.
- Job vacancies fell to 862,294 in March 2024, marking a monthly decline of 0.46% and a significant annual decrease of 17.41%.
- Unemployment increased to 4.2%, the highest in six months, leading to intensified competition with 1.87 jobseekers per vacancy.
- Sectors like PR, Advertising & Marketing, and Construction faced severe job losses, while Travel and Manufacturing sectors showed growth.
- Salaries saw incremental increases, although wage growth appears to be decelerating, providing mixed economic signals.
The UK job market in 2024 is painting a challenging picture for job seekers, marked by a continued decline in advertised job vacancies. In March 2024, vacancies fell to 862,294, representing a monthly decline of 0.46% and a notable annual drop of 17.41%. This is the fifth consecutive month of decline, underscoring the ongoing difficulties in the job landscape.
Unemployment figures have also surged, with the rate climbing to 4.2%, the highest recorded in half a year. This increase results in heightened competition for available roles, with 1.87 jobseekers per vacancy, up from last year’s 1.49, the most competitive job landscape since August 2021.
Certain sectors are feeling the brunt more than others. Jobs in PR, Advertising & Marketing have seen a sharp decline of 11.09% in the past month, correlating with reduced marketing budgets across companies. The Trade & Construction sector is not far behind, experiencing an 8.24% decrease due to a downturn in housebuilding activities.
However, some sectors are experiencing growth, somewhat balancing the declines elsewhere. The Travel industry saw a 16.27% rise in vacancies, and Manufacturing experienced a 6.09% increase, aided by companies like Aston Martin creating new roles.
In terms of salaries, March saw a modest increase of 0.41% in advertised salaries, reaching £38,638, with an annual growth of 2.95%. Despite this rise, there are signs of slowing wage growth, which might lead to potential interest rate cuts by the Bank of England.
Across various regions, salary trends varied, with the East Midlands leading annual growth at 6.48%. Conversely, London, although recovering, saw a modest 1.92% increase. The time to fill positions also varied, with the Teaching sector having the shortest time to fill, while Legal roles remained the most challenging.
Regional hotspots for job seekers include Cambridge, with low competition for roles, while cities like Bradford present significant challenges with a high number of jobseekers per vacancy. Warehouse work remains the most sought-after position on job platforms like Adzuna, followed by Healthcare Support roles.
The 2024 UK job landscape reveals significant challenges as vacancies continue to decrease and unemployment rises.
