UK job vacancies fall to lowest level in more than five years

UK job vacancies fell by 21,000 to 691,000 in the three months to September, their biggest drop since the start of the year, as smaller businesses cited rising labour costs for cutting back on recruitment, official figures show. [1]

The Office for National Statistics said vacancies were at their lowest level in more than five years, with the largest fall in construction. Businesses have also pointed to higher energy bills and increases in National Insurance and the minimum wage as adding to the cost of employing staff. [1]

Other indicators were mixed. Unemployment fell to 4.7% in the three months to August, from 4.9% in the previous period, while the employment rate edged up. The number of workers on payroll remained slightly lower, although the latest monthly data suggested it might be levelling off, ONS deputy director David Freeman said. [1]

Average regular earnings rose by 3.7% in the year to August; after inflation, they were up 0.8%. [1]

Unemployment among 16- to 24-year-olds was 15.6% in June to August. That was down from 16.4% in the previous three-month period, but above the 14.6% recorded a year earlier. Work and Pensions Secretary Pat McFadden said too many young people remained out of work and that the government was working with industry to bring them into employment. [1]