Britain now has more jobs than jobseekers, says report
Salary growth outstrips inflation, but the number of vacancies has outpaced jobseekers for the first time since the recession.
Evidence of Britain’s booming labour market was published in the latest UK job market report from Adzuna, the online recruitment website. For the first time since the recession, the number of advertised vacancies was larger than the number of people seeking employment.
In October, Adzuna found over 930,000 jobs advertised, an increase of 3.4 per cent compared to September, and a staggering 25.1 per cent more than the amount advertised a year ago.
The report also found a salary increase of up to 4.3 per cent compared to this time last year.
This wage rise is well above the Consumer Price Index inflation rate of 1.3 per cent, with graduate salaries seeing a huge increase of 15 per cent and customer service and teaching jobs receiving the next largest increases.
“Job applicants are in a much stronger position than they were a year ago,” said Andrew Hunter, co-founder of Adzuna. He added that they will now benefit from a much higher starting wage as employers increase their offers to attract the very best talent.
Annual salary growth maintaining a lead on inflation for three months is an excellent sign for the future.
Mr Hunter continues to point out that times are radically different to those seen in the midst of the recession, though he advises caution as the increase in vacancies could be boosted by a natural swell as the festive season approaches.
“Nevertheless,” he added, “The upturn in temporary seasonal jobs is to be welcomed with open arms, as it paves the way for real wages to reach the people that need it most in time for Christmas.”