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UK job vacancies fall to lowest level in over five years
The figures also show that private sector pay growth has slowed to 2.8 %, its weakest rate in almost six years, while overall regular earnings grew by 3.5 % year-on-year.
Meanwhile, the unemployment rate remained at 4.9 %, while the number of payrolled employees fell by 13,000 in June, with early estimates suggesting a further 13,000 decline in July.
The latest figures suggest employers are becoming increasingly cautious about hiring as they navigate rising costs and economic uncertainty, while greater automation may also be affecting some entry-level roles.
UK job vacancies have fallen to 707,000, their lowest level in more than five years, according to new figures from the Office for National Statistics( ONS).
The decline has been driven largely by smaller businesses scaling back recruitment, with rising labour and operating costs making it more expensive to hire. Businesses have pointed to higher energy costs, National Insurance and the minimum wage as contributing factors.
Sheila Flavell, CBE, COO of FDM Group, said:“ Underemployment is becoming a growing concern for the UK economy. We’ re seeing highly capable graduates entering roles that don’ t fully utilise their skills, which ultimately slows productivity and limits long-term growth. This reveals a misalignment between academic curriculum and what employers actually need.
“ We are increasingly seeing a rising number of young people coming out of university with a degree and unable to secure an entry-level job within their field.”
More than one in three Australian small business owners don’ t know if they made a profit last month
New research from Xero, a global small business platform, reveals a significant financial confidence gap among Australian small business owners, leaving many without the skills needed to understand their numbers, manage cash flow and grow.
The research found more than one in three( 35 %) small business owners don’ t often know whether they made a profit in the last month. It also revealed a sharp disconnect between how confident owners feel and what advisors see in practice. While many( 85 %) small business owners say they are confident in handling financial issues, 90 % of accountants and bookkeepers believe small business owners lack the skills to manage the financial side of their business effectively.
In response, Xero has launched Xero For Good: Financial Fitness, a free educational programme to help Australian small business owners build financial skills through practical resources, mentoring and community support.
The programme is also backed by the Xero For Good: Financial Fitness taskforce, who met for the first time in August at Parliament House in Canberra. The taskforce brings together representatives from small business, finance, education, industry and advocacy to examine the barriers limiting small business financial confidence.
The research also shows financial ambiguity is taking a practical and emotional toll: 41 % are too afraid to ask questions about financial management because they feel they should already know the answers, and 22 % feel overwhelmed when dealing with business finances.
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