UK vacancies at 857,000 in the three months to August - ONS.

UK vacancies at 857,000 in the three months to August - ONS.

The latest labor market statistics from the Office for National Statistics (ONS) reveal that the number of vacancies in the UK decreased to 857,000 in the three months to August 2024, marking a decrease of 27,000 or 3.1% from the previous quarter [1]. This decline represents the 26th consecutive quarterly decrease in vacancies, which began in February 2022.

While the total number of vacancies remained 88,000 (11.0%) above their pre-pandemic (COVID-19) levels in January to March 2020, they were 141,000 (13.7%) lower than the level of a year ago [1]. The unemployment rate remained stable at 1.6 unemployed people per vacancy in the period April to June 2024 [1].

The decline in vacancies was evident across various industry sectors, with 10 of the 18 sectors reporting a decrease in vacancies compared to the previous quarter [1]. The largest declines were seen in the administrative and support service activities sector, which recorded a decrease of 29,000 vacancies, and the manufacturing sector, which saw a decline of 21,000 vacancies [1].

The ONS data also indicates that the number of unemployed people per vacancy remained unchanged at 1.6 in the period April to June 2024 [1]. This suggests that the labor market remains tight, with employers continuing to face challenges in finding suitable candidates to fill vacancies.

It is important to note that the headline vacancy estimates provided by the ONS are based on three-month averages, which may involve some time lag. Other data sources, such as the Adzuna online job advert estimates and the Dataset X06: Single month vacancies estimates, provide insights into trends in July 2024 but should be viewed with caution due to their non-seasonally adjusted nature [1].

References:

[1] Office for National Statistics. (2024, September 22). Jobs and vacancies in the UK: August 2024. Retrieved from https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/jobsandvacanciesintheuk/latest