The UK job vacancies witnessed a significant rise of 1.1% in July, marking the first increase this year.
- Business confidence improved following positive growth figures and a new government, leading to increased hiring activities.
- Despite the positive trend, the vacancies remain 17.69% lower than July of the previous year, indicating a gradual recovery.
- Average advertised salaries in the UK have seen a marginal increase, though salary transparency in job adverts has hit a new low.
- Warehouse and domestic roles have seen notable demand, while job competition remains high at 2.09 jobseekers per vacancy.
The UK job market experienced a notable shift in July with a 1.1% increase in job vacancies, reaching a total of 862,043 openings. This is the first time this year that such growth has been observed, signaling potential relief for job seekers. Business confidence rose alongside economic growth figures and the election of a new government, leading to a rejuvenated hiring landscape, according to the UK Job Market Report by Adzuna.
Nevertheless, when compared to figures from July 2023, this increment does little to mask the overall 17.69% deficit in vacancies, highlighting an ongoing yet incomplete market recovery. Moreover, while there has been a year’s marginal increase in average advertised salaries by 2.95%, monthly changes were minimal. Advertised salaries now average £38,863, but salary transparency has reached troubling lows with only 46.3% of job postings including salary information.
The current job market poses significant challenges as there are now 2.09 jobseekers for every vacancy, the highest ratio since the Covid-19 pandemic peak in May 2021. Roles in sectors like Domestic Help & Cleaning surged by 12.72% month-on-month, with graduate positions increasing by 3.7%. Conversely, certain sectors such as Charity & Voluntary roles experienced a decline in job listings, down by 8.04% in July. Despite sector-specific variations, jobs are being filled at a quicker rate, with an average time-to-fill standing at 35.6 days, a slight improvement from June.
Sector dynamics reveal Warehouse roles continue to lead, holding the top spot on Adzuna’s Trending Jobs list for 14 consecutive months. Demand for Cleaners follows closely. Meanwhile, the job landscape remained challenging for sectors like Trade & Construction, with vacancies halved compared to the previous year.
Adzuna’s Head of Data Science, James Neave, notes a cautious optimism fueled by recent growth figures and governmental changes. Although the uptick of 1.1% in job postings may seem modest, it is noteworthy given the usual summer lull. This trend offers a glimmer of hope for job seekers, particularly at the junior level with increased graduate roles.
The UK job market shows potential for recovery with rising job vacancies, yet the road to complete rebound remains long and challenging.
