2024 is proving to be one of the toughest years for job hunters yet, new research has shown.
Advertised vacancies fell again in April to 862,294, down -0.46 per cent monthly on March 17.41 per cent annually.
This is the fifth consecutive monthly decline and comes as the number of people out of work rose to 4.2 per cent, the highest recorded in six months.
Jobs across PR, Advertising and Marketing were hit hardest, dropping by -11.09 per cent in the past month, as companies are scaling back marketing spend.
Meanwhile, in the aftermath of a prolonged housebuilding slump, Trade and Construction vacancies fell by -8.24 per cent.
This has left overall job figures down -17.41 per cent compared to the same time last year, the latest UK Job Market Report by job search engine Adzuna shows.
That said, significant increases in several fast-growing sectors are helping to lessen the blow and mask these declines somewhat.
Travel roles, for example, were up +16.27 per cent in March, while Manufacturing vacancies rose by +6.09 per cent, following news that companies such as Aston Martin are creating new manufacturing roles across the country – both lifting the month-on-month average.
At the same time, the average advertised salaries continue to rise, up +0.41 per cent in March to £38,638, and up +2.95 per cent annually.
This is to be expected with wages often lagging behind labour market slack.
However, there are early signs that wage growth is easing, as March’s annual growth isn’t as rapid as in February 2024 (+3.01 per cent).
This is good news for borrowers who are anticipating the Bank of England to cut interest rates later this year.
For job hunters, the best cities to look for roles are Cambridge, Guildford and Exeter – the same three cities as last month. Cambridge has 7,449 vacancies and around 0.33 jobseekers for every role.
Bradford continues to be the most difficult city to find work, with 20,180 jobseekers competing for 2,624 jobs, which means there are around 7.69 jobseekers per role. This is followed by Rochdale (5.21) and Middlesbrough (4.12).
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