December job vacancies in the UK decreased by 33%: REC

In another indication of a weakening hiring market following the COVID-19 epidemic, industry numbers released on Friday showed that British firms advertised 32% fewer job opportunities last month than they did in December 2022.

According to the Recruitment and Employment Confederation (REC), there were 1.710 million job advertisements in December—a significant decrease from the 2.517 million posted a year earlier, but still a high amount by historical standards.

“Throughout 2023, the labour market deteriorated, particularly for permanent positions. However, it did it from a very high starting point “REC CEO Neil Carberry stated.

The Bank of England is watching Britain’s employment market closely since it worries that it will be hard to reduce inflation to its 2% objective on a permanent basis until pay growth slows from its current rate of nearly 7% to approximately half that pace.

Anecdotal information, according to Carberry, suggested that companies planned to increase recruiting once more in 2024.

Compared to data from the British Office for National Statistics (ONS), the REC figures, which are gathered by employment data business Lightcast, indicate a similar trend but a substantially higher number of job opportunities.

According to the most recent ONS data, there were 949,000 job openings for the three months ending at the end of November, which is a 19% decrease from the same period in 2022. Tuesday is the deadline for ONS December statistics.

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