UK Job Market: A NewJobToday update

Tuesday, September 10, 2024

UK Job Market: A NewJobToday update

As we move into the Autumn, as well as the temperature there’s definitely a cooling down in the number of job vacancies too.  Job seekers may need to amend their approach.

Overall Market: Key Takeaways:

  • Vacancies are down overall - but still above pre pandemic levels. The number of available jobs decreased again this quarter.. While this trend might sound alarming, it's important to note that vacancy numbers are still significantly higher than they were before the pandemic - there are around 900,000 vacancies in the UK job market at present.  So, while competition may be increasing, there are still plenty of opportunities out there.
  • Year-over-Year Decline: Compared to this time last year, there are considerably fewer vacancies. This suggests that the post-pandemic hiring boom is definitely slowing down, but some sectors are booming like social care, digital media, professional, technical and scientific activities.
  • Unemployment-to-Vacancy Ratio Stable: The ratio of unemployed people to available jobs has held steady for the past two quarters. This means that while the job market is cooling, it's not doing so dramatically. There's still a reasonable balance between job seekers and available positions and the overall situation is far better than in the early 2020s.

What Does This Mean for Jobseekers?

  • Job Searches May Take Longer: With fewer vacancies, applicants might need to be more patient and persistent in their job search.
  • Tailored Applications: It's more important than ever to make sure that applications and cover letters are top-notch and specifically tailored to each job applied for.
  • Consider Up-skilling: Applicants might choose to up-skill to get qualification in fields in demand by employers
  • Persistence is key: While the job market is shifting, it's still a job seeker's market in many ways. There are still plenty of opportunities out there for those who are prepared and persistent.

How NewJobToday Can Help

At NewJobToday, we're committed to helping applicants  navigate these changing tides. Our AI-powered job search platform can match potential employees with the most relevant jobs, provide personalised career guidance, and help optimise job searching  for maximum impact. Applicants can set tailored job alerts to their requirements to be amongst the first to know of new vacancies.
Ready to take the next step? Visit NewJobToday and start the search for a new job today!