Job vacancies fall as small firms cut back on recruitment
Small firms cite labour costs as a key factor in scaling back hiring, the Office for National Statistics says.
UK job vacancies declined to their lowest level in over five years as smaller firms reduced hiring, according to official figures. The Office for National Statistics (ONS) reported a 21,000 decrease in vacancies to 691,000 between July and September. Small businesses cited rising labor costs, including energy prices due to the Iran war, increased National Insurance, and the minimum wage as reasons for cutting recruitment.
Meanwhile, the unemployment rate fell to 4.7% in the three months ending August, down from 4.9% previously. The employment rate edged up, and the number of workers remained slightly down, though it may stabilize. Pat McFadden, Secretary of State for Work and Pensions, highlighted a resilient labor market despite global uncertainty, but noted that too many young people still struggle to find employment.
The unemployment rate among 16-24-year-olds was 15.6% in the latest quarter, down slightly from 16.4% a year earlier.
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