Job vacancies in the United Kingdom saw an increase for the fifth month in a row, which is expected to lift inflation as it signals wage growth and labor market stress. Bloomberg Citing the report of an employment website, it was told.
These figures are given in the report of Adzuna The advert released on Monday is based on every job advertisement in the Kingdom from 1,000 sources.
Around 1.06 million vacancies were listed on the job search site across the UK Adzuna In the month of June, which was 0.78% higher than the previous month but lower than the same month of 2022.
According to the data, advertised salaries saw an increase of 3.6% over the previous year, while the number of days that job opportunities were filled fell to a record low.
This showed that employers are still having difficulty hiring the required workforce. Salary hikes are also expected to result in higher risks of an inflationary spiral.
According to the report, the Bank of England (BoE) is closely monitoring the UK job market to gauge how much more interest rates need to be raised to avoid a wage-price spiral.
“Despite the recent modest increase in unemployment, the labor market is still incredibly tight,” said Tony Wilson, an official at the Institute for Employment Studies. Adzuna Report.
A recent report states that the UK has seen a 4% increase in national unemployment.
“This poses a risk to inflation in the future. It’s also a reminder that the economy is still creating a lot of opportunities and many of them are well paid,” Wilson said.
numbers from Adzuna That’s the stark contrast to Reid Recruitment, which showed that in the three months to May, vacancies in England fell by almost a third from their pre-pandemic high.
Earlier this month, chairman James Reid said the UK was more likely to enter recession due to a “significant” drop in listings compared to the previous year.
however, Adzuna The co-founders were optimistic about the outlook for the economy.
“If hiring trends continue to improve, we could be back to the record hiring levels seen in 2022 by the end of the year.” Hunter said in a statement. “Competition is fierce among employers looking to select the best candidates.”
Over the same time period, wage growth rose to 7.3% from a year ago, well beyond comfort levels, with the BOE claiming it is in line with its 2% inflation target.
London was the only part of the country where there was no increase in wages. The biggest annual increments were recorded in property, a sector which saw a year-on-year decline in vacancies.
