Adzuna’s job vacancy indicator is always a useful pulse of the UK labour market. This month, it registered 694,000 advertised roles, down 16% on a year-on-year basis and 3% month-by-month. It’s the first time in five years that this figure has fallen below the 700,000 mark. Again, amongst those demographics suffering particularly were entry level candidates – fewer than 10,000 graduate roles were advertised – the first time this has happened since Adzuna began its records in 2016. In December, there were 2.27 applicants chasing every job, that figure is now 2.4.
Backing this up, the ONS suggested that just under 19% of 18-24 year olds in London is now unemployed, apart from the pandemic, the worst figures for a decade.
Despite signs of economic stirrings, consumer confidence remains problematic – this dipped three points in February according to GfK.
The reporting of the major listed UK recruitment firms shed interesting light on our labour market. Hays reported pre-tax profits down 49% and net fees down by 9% in its half-year results out this week.
Employee engagement was under the spotlight in research out this week from Ciphr. Its survey of 2,000 UK employees indicated that 24% are actively job hunting and planning to leave their current employers. The main drivers for such activity was a desire to increase remuneration, a simple feeling that their time with their employer had run its course and a lack of recognition.
We have a fascinating current labour market. Employer caution, the possibilities of AI and a desire not to over hire, mean that an improving economy is not necessarily translating into an improving labour market.
Getting to the heart of your employee mindset 