Job vacancies hit record high but salaries slide
Although there has been a lot of positive progress in the UK jobs market in recent months, particularly in the number of available vacancies, a dip in average salaries nationwide and limited signs of an imminent recovery mean caution is still very much the watchword for today’s job-hunter. With available vacancies up an impressive 9.2% on October last year, it would be encouraging to think a similar boost in pay rates could be looming on the horizon, but Adzuna’s data shows no indications of this happening in the near future.
This month’s Adzuna Job Index reveals there are currently 748,923 live vacancies in UK, setting a new record and showing a significant increase of 9% over 6 months, suggesting a much sunnier outlook for UK job hunters as the last of the British summer draws to a close. Competition for roles across the nation also saw a sizable decrease, reaching a record low of just 1.7 candidates for each vacancy. Despite optimism from economists that we’re beginning to see the first green shoots of wage recovery in Britain, Adzuna data suggests no real indications of an immediate revival. Compounding the need for caution in reactions to the burgeoning job market, despite increasing availability of job roles across the UK, this month’s analysis also shows average salaries falling 2.2% to £33,245.
Where are all the jobs?
Nationwide competition for jobs has reached a new low, dropping from 2.3 jobseekers per vacancy in October 2012 to just 1.7 in October 2013. Five of the top ten best cities to get a job boast less than one jobseeker per vacancy, and all of these are located in the South of England with one exception: Aberdeen, which this month claims the number two spot. For the second month running, Cambridge claims the accolade of the easiest place in Britain to find a job, with 3 times more vacancies than jobseekers – a ratio that is echoed in Aberdeen and Guildford. Competition for jobs in the North of England remains intense with over 20 jobseekers per job in Salford, the Wirrall, and Sunderland. In the number four spot, Hull, a long-time leader of the most competitive job market charts, has seen significant improvements in recent months, zooming from 41.9 claimants per vacancy to 21 since April 2013.
Salary levels continue to slide
With average advertised salaries at a new 8-month low and significant monthly drops in pay levels, the question on everyone’s lips is when pay levels can be expected to mirror the encouraging growth we have seen in vacancy availability. Despite high market expectations and a hopeful outlook, Adzuna data shows no signs of a potential salary increase in the remaining months of 2013.
A steady build for construction jobs market
Construction is a relatively small sector, accounting for just over 6.3% of UK economic output, but its growth is reflective of sustained economic pick-up. It is an important barometer in assessing economic health, and certainly seems to be moving in the right direction.
Adzuna figures highlighted 24,346 available jobs in this sector in October. Compared to vacancy levels across the industry 6 months ago, this shows a 31% improvement, clearly underlining the positivite vibes in the construction market. Although there have been monthly fluctuations, the significant rise in output we have seen in recent weeks speaks of an industry that is starting to find its feet again. A surge in home-building is undoubtedly driving the figures up, with growing demand for houses, driven partly by Help to Buy, which naturally filters through into the jobs market too. With salary levels yet to catch up with the generalised optimism elsewhere in the sector, however, calls for caution from within the industry still abound.
Check out previous Job Market Reports here (September 2013, August 2013, July 2013, June 2013, May 2013) and don’t forget to follow us on Twitter and Facebook to keep up to date with more exciting news. If you need anything data-wise contact us here, where our resident army of data nerds are always happy to help