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Total vacancies fall under 1 million for the first time in two years

Total vacancies have fallen under 1 million for the first time since May 2021.

Research by job search engine Adzuna in its UK Job Market Report found vacancies were at 998,562 in November, representing an 8.5% drop since this time last year.

This is the first time during 2023 that the annual decline has worsened, month-on-month. 

While falling vacancies suggest a stalling in the UK’s jobs market, advertised salaries have risen for the first time since June.

Record pay rises as vacancies down again

The average advertised UK salary rose by 1.8% to £37,221 in November compared to November 2022.

There were small increases in remuneration for nearly all sectors including domestic help and cleaning (+0.84%), hospitality and catering (+0.9%) and property (1.47%).

Compared to November 2022, social work has experienced the biggest annual increase in advertised salaries, up by 10.88% to £33,767.

Show us the money: is the UK falling behind on pay transparency?

London continued to be the only region in the UK seeing annual declines in average advertised salaries.

The range of jobseekers has increased from 1.45 in May and June at its lowest to 1.56 jobseekers in November at its maximum. 

Andrew Hunter, co-founder of Adzuna, said the UK jobs market had gone through a turbulent year in 2023.

He said: “Competition is growing across sectors, making it harder for UK job hunters to find the right roles for them, particularly as sectors tighten their belts.

“Salaries appear to be rising again yet with one of the worst years on record for salary transparency, it's still difficult for potential recruits to understand compensation for the roles they’re applying for. As we head into 2024, finding a job will likely stay tough for the first part of the year.”