Vacancies and advertised salaries hit their highest levels of the year

The UK job market showed signs of recovery in November 2024, with vacancies and advertised salaries hitting their highest levels of the year.

According to the latest report by job search engine Adzuna, this growth signals renewed employer confidence as the year closes, though challenges remain in certain sectors.

Vacancies climbed to 879,399 in November, a 2.3% increase from October. This surge was driven by seasonal hiring, particularly in logistics and warehouse roles, which jumped 12.6% month-on-month, marking an 8.3% annual rise and a 24% spike compared with summer. Meanwhile, the average advertised salary rose to £39,646, a 6.5% year-on-year increase – the sharpest annual growth since 2021.

The uptick in vacancies was bolstered by Christmas hiring, with healthcare and nursing roles also seeing a notable 9% monthly growth and trade and construction rising 6.3%. Accounting and finance vacancies grew by 4.7%, reflecting year-end accounting demands.

However, some sectors struggled. IT jobs fell 3.6% and travel roles saw a 4.8% decline, reflecting reduced post-summer activity. Retail was particularly hard-hit, with vacancies plummeting by 40.6% year-on-year, even as salaries in the sector saw the highest annual increase of 15.1%.

Despite these setbacks, the average time to fill a job dropped to 32.8 days in November, the shortest duration since Adzuna began tracking in 2016, the firm said. This represented a nearly week-long improvement from October’s 39.5 days, underscoring the competitiveness of the current hiring landscape.

The number of jobseekers per vacancy fell for only the second time this year, dropping from 2.08 in October to 2 in November. This national decline marks the largest monthly drop of 2024.

All regions recorded positive annual salary growth for the second consecutive month. Wales outpaced Scotland with a 7.3% year-on-year increase, while London slipped down the rankings after a brief rise in October.

Warehouse worker reclaimed its spot as the most in-demand role, reflecting high interest in logistics and warehouse positions. Healthcare support worker rose to second place, while sales assistant fell to third.

Andrew Hunter, co-founder of Adzuna, said there were mixed signals in the job market: “November’s figures offer hope for the UK job market as we close out what’s been a challenging year. Seasonal hiring in sectors like Logistics is driving growth, but economic uncertainties, including National Insurance increases and a shrinking economy, may weigh on hiring in early 2025.”

While the job market shows promising signs of recovery, challenges such as economic contraction and sector-specific struggles suggest a complex landscape heading into the new year, he added.

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