The number of job openings in the UK has fallen below one million for the first time since May 2021 while the UK's unemployment rate is expected to climb.
Vacancies dropped to 998,562 last month, down 2.7% from the 1.02m openings in October, according to Adzuna, the job search engine.
That's in contrast to much of this year where workers have found it easier to find well-paid jobs due to higher demand for staff.
Unemployment has risen slightly to 4.2% but there are warnings from KPMG that it'll climb to nearly 5% by 2025. The consultancy added that broader economic growth was “vulnerable to shocks” in the coming years.
Adzuna says that advertised salaries have increased for the first time since June, up 0.74% to an average of £37,221. They remain nearly £600 lower than their 2023 peak of £37,806.
Andrew Hunter, co-founder of Adzuna, said: "Competition is growing across sectors, making it harder for UK job hunters to find the right roles for them, particularly as sectors tighten their belts.
"Salaries appear to be rising again — yet with one of the worst years on record for salary transparency, it’s still difficult for potential recruits to understand compensation for the roles they’re applying for."
Just 50% of open roles last month had salaries included in the job advertisement.
FTSE
The UK's flagship share index, the FTSE 100, was down 11-points at 7,564 shortly after opening this morning.
Brent crude oil futures were up by 0.61% today, trading at $77.02 per barrel.