Data from Adzuna finds that advertised vacancies fell by 2.7% between October and November 2023, down by 8.6% compared to 2022.
By Maggie Mancini
Job vacancies in the U.K. have fallen below one million for the first time in two years, according to a December 2023 report from Adzuna. Advertised vacancies fell by 2.7% between October and November to 998,562 postings, down by 8.6% compared to 2022 and the first time in 2023 that the annual decline has worsened.
While falling vacancies suggest a stalling in the U.K. job market, advertised salaries are on the rise again for the first time since June. They were up 1.8% compared to the same time last year, with November 2023 seeing average advertised salaries of £37,221. Salary transparency is also improving, with more jobs advertising salaries in November (50.5% compared to 49.5% without) for the first time since July.
The average time to fill vacancies has risen to its highest level in three months, at 35.8 days on average in August from 34.5 in July. The number of job seekers per vacancy has also increased to 1.56 in November, the highest level seen this year, and up from 1.49 in October.
Cambridge has been the top city in the U.K. for those looking for a new role, while Bradford continues to be one of the most difficult places to find a job with some of the toughest competition. On a regional level, Wales has the strongest annual growth in advertised vacancies, up by 7.3% to 31,286 in November. London has seen the largest annual decline, with 190,462 advertised vacancies in November, down 16.2% year-over-year.
London continues to be the only region in the U.K. seeing annual declines in average advertised salaries, down 2.0% in November. After Wales experienced a fall in October, it saw slight growth in November.
East Midlands saw the highest year-over-year growth in November, overtaking Northern Ireland and Yorkshire, which have been consistently two of the top regions for salary growth throughout 2023. This growth in the East Midlands has been driven by an increase in average salaries in Leicester, up 6.8% to £34,781.