Job openings hit five-year trough as small firms curb hiring
Official data show vacancy numbers fell to their lowest level in over five years, with smaller companies pulling back on recruitment.
The Office for National Statistics reported that vacancies slipped to 707,000 during the May-July window, the smallest figure since the period began five years ago. Small enterprises cited rising labour and operating costs as the main reasons for reducing hiring. Overall labour market conditions remained largely unchanged, with the unemployment rate steady at 4.9%. Meanwhile, regular earnings - excluding bonuses - grew at an annual rate of 3.5% in the three months to June.
Why it matters
Fewer vacancies signal tighter hiring for small businesses, affecting job seekers and economic growth.
In this story
job vacanciesfive-year lowsmall firmsrecruitmentunemployment rate 4.9%regular earnings3.5% growth
