Number of UK job vacancies increased in May
The UK jobs market showed signs of resilience in May despite continuing economic and political uncertainty, with the number of active job vacancies rising modestly.
According to the latest Recruitment and Employment Confederation (REC) Labour Market Tracker, there were 1.62 million active job postings across the UK in May, up 0.8% from April and 8% higher than a year earlier. The figures suggest that demand for workers remains relatively stable despite concerns over global tensions, rising employment costs and changes to labour market regulation.
Labour market trends
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However, the number of newly advertised roles fell during the month. New job postings totalled 683,121 in May, down 4% compared with April and 9.2% lower than the same month last year, indicating that employers remain cautious about expanding their workforce.
The REC said the overall level of active vacancies had returned to a similar position to that seen in March, suggesting the labour market may be stabilising after recent fluctuations.
While most parts of the UK recorded growth in active job postings, particularly Northern Ireland, London was the only region to see a decline. Some of the sharpest falls were recorded in central London boroughs, including Westminster, Kensington and Chelsea, Hammersmith and Fulham, and Lambeth. The REC said the two bank holidays in May may have disrupted normal hiring patterns and contributed to the declines.
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Demand increased in some sectors, particularly hospitality, agriculture and retail, but the organisation cautioned that it was too early to draw firm conclusions about summer recruitment trends. It said next month’s figures would provide a clearer indication of whether seasonal hiring is gathering pace.
The REC said the labour market had remained resilient despite ongoing political uncertainty, legislative changes and tensions in the Middle East. Any increase in recruitment activity stemming from a decline in hostilities between the US and Iran was likely to be gradual, it said.
Maxine Bligh, the REC’s chief membership and innovation officer, said: “An Iran-US agreement will ease one of the global pressures holding back hiring and investment. But domestic political uncertainty and looming employment law changes still leave many firms without the confidence they need to accelerate recruitment.
“We are likely to see some growth in the job market, but not at full speed, with many businesses continuing to rely on temporary staff until the outlook becomes clearer.
“The government must calm the cost pressures that are shaping every recruitment decision if it wants firms to invest in hiring.”
Yesterday, Thursday 18 June, figures from the Office for National Statistics found that early job vacancy estimates for March to May suggest a decrease of 19,000 (2.6%) vacancies to 707,000, compared with December to February. This was the lowest level since February to April 2021.
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