UK corporations are holding again on hiring or should not changing departing employees, sending job vacancies tumbling, official figures recommend.
The variety of accessible jobs fell by 63,000 between March and Could whereas the unemployment charge ticked increased.
“There continues to be a weakening within the labour market,” stated Liz McKeown, director of econonic statistics on the Workplace for Nationwide Statistics (ONS), including that there had been a noticeable drop within the variety of folks on payrolls.
In April, Nationwide Insurance coverage Contributions paid by employers elevated whereas an increase within the minimal wage got here into drive.
The estimated variety of accessible jobs fell to 736,000 over the three months to Could.
“Suggestions from our vacancies survey suggests some companies could also be holding again from recruiting new employees or changing folks once they transfer on,” stated Ms McKeown.
The figures additionally confirmed that the unemployement charge rose from 4.5% to 4.6% – the best since July 2021.
The rise in common wages slowed to five.2% between February and April, easing from a 5.6% enhance.
Whereas Capital Economics stated the UK jobs market was “not collapsing”, its deputy chief UK economist Ruth Gregory stated: “Most indicators present labour demand is clearly weakening.”
