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 fell to their lowest level in five years as smaller companies halted recruitment, official data revealed. Vacancies decreased by 21,000 from the three months ending September to 691,000, according to the Office for National Statistics (ONS). Small businesses cited rising labour costs, including higher energy prices due to the Iran war, increased National Insurance contributions, and the minimum wage, as reasons for scaling back hiring.
The unemployment rate dropped to 4.7% in August from 4.9% the previous quarter, while the number of workers on payroll remained slightly lower. However, the employment rate edged up. Pat McFadden, the Secretary of State for Work and Pensions, praised the labour market's resilience but noted that too many young people remain unemployed.
The government is working to reintegrate young people into the workforce and prevent them from relying on welfare benefits. The unemployment rate for 16-24 year-olds was 15.6% in the July to September quarter, up from 14.6% in the same period last year.
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