UK Job Vacancies Hit Five-Year Low Amid Hiring Slowdown
· Business · BBC News, The Independent, The Korea Times
The number of job vacancies in the UK has fallen to its lowest level in over five years, reaching 707,000 during the May-to-July period. The Office for National Statistics reported that smaller businesses are primarily responsible for the decline, citing rising labour and operating costs as key factors. Despite the cooling recruitment market, the national unemployment rate remains steady at 4.9%. Meanwhile, regular earnings growth, excluding bonuses, saw a slight increase to 3.5% annually in the three months leading up to June.
Why it matters
The decline in vacancies signals that small businesses are struggling with rising costs, potentially limiting job opportunities for the UK workforce and slowing broader economic momentum.
Read the original report — BBC News
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