The UK job market observed a modest improvement in July, marking the first substantial rise this year.
- Job vacancies increased by 1.1% from June to July, reaching a total of 862,043, following positive growth signals.
- Business confidence has been bolstered by a new government, contributing to the increase in job postings.
- Jobseekers outnumber vacancies, with 2.09 candidates per role, a peak since May 2021.
- Salary transparency has diminished, with only 46.3% of job adverts displaying salary information.
In July, the UK job market experienced its first notable improvement of the year, with job vacancies rising by 1.1% from the previous month. This increase brought the total number of vacancies to 862,043, offering a glimmer of hope for jobseekers. The uptick in job postings aligns with positive economic indicators and the election of a new government, which has enhanced business confidence.
Despite this positive shift, the job market remains challenging. Vacancies are still 17.69% lower compared to July 2023, illustrating the long road to a full recovery. Moreover, the number of jobseekers per vacancy rose to 2.09, the highest it has been since May 2021, highlighting the competitive nature of the current job market. The average time to fill a position decreased slightly to 35.6 days, with the Property, Teaching, and Legal sectors seeing the shortest posting times.
While the increase in vacancies is encouraging, salary transparency has reached a record low. Only 46.3% of job adverts included salary information in July, the lowest since this metric was first tracked in 2016 by Adzuna. This presents a challenge for jobseekers aiming to make informed career decisions, as over half of the job postings lack essential salary details.
Sector-wise, Domestic Help and Cleaning roles led the growth in vacancies with a 12.72% increase, followed by Graduate roles at 3.7%. Other sectors such as Legal, Manufacturing, and Logistics & Warehouse also saw growth. However, several sectors, including Charity & Voluntary, Travel, and Hospitality & Catering, experienced declines in vacancies.
Regionally, the West Midlands saw the highest annual salary increases, with advertised salaries rising by 5.62% in comparison to July 2023. In contrast, Northern Ireland experienced sluggish wage growth at just 1.08%. Meanwhile, Warehouse work remains the most sought-after role, maintaining its position at the top of Adzuna’s Trending Jobs list for over a year.
The job market’s modest recovery in July provides a cautious sense of optimism, yet challenges such as competition and salary transparency persist.
