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Job vacancies in the United Kingdom have risen for the fifth consecutive month, indicating potential wage growth and labor market stress, according to a report by employment website Adzuna. In June, there were 1.06 million vacancies listed on the site, showing a 0.78% increase from the previous month but a decrease compared to the same month in 2022.
The report also highlighted a 3.6% rise in advertised salaries compared to the previous year and a record low in the number of days to fill job openings, indicating employers’ difficulty in hiring staff. This situation may lead to increased wages, contributing to the risks of inflation.
The Bank of England is closely monitoring the UK’s job market to gauge the potential need for further interest rate increases to prevent a wage-price spiral. Despite recent small rises in unemployment, the labor market remains tight, according to the Institute of Employment Studies.
The contrasting figures from Reed Recruitment revealed a decrease in vacancies in England over the three months leading up to May, signaling potential challenges for the UK’s economy.
However, Adzuna’s co-founder remains optimistic, stating that if hiring trends continue to improve, the UK could reach record hiring levels seen in 2022 by the end of the year. Wage growth has surged to 7.3% from the previous year, surpassing the Bank of England’s 2% inflation target, with London being the only area without a pay increase. The largest annual salary increase was observed in the property sector, despite a decline in vacancies in that field.
