Employment market still up despite economic fears

Job vacancies across the UK are still holding strong (PA)

The UK jobs market is currently holding up but is likely to be impacted by the darkening economic mood, inflationary pressures and the cost of living crisis.

Employment vacancies leapt to their highest level this year with1.85 million last month - the highest this year - according to the Recruitment and Employment Confederation (REC).

London recorded positive growth in job postings in the week of 25 to 31 July, with three of the top ten hiring hotspots in the capital.

Haringey and Islington recorded a 7.1% boost in available jobs while Harrow and Hillingdon followed close behind with a 5% jump. Westminster was the third region with a 4.8% rise.

The number of new job postings has stayed relatively stable, with between 180,000 and 200,000 new adverts in each of the past four weeks.

Demand for employees in arts and entertainment rose at the fastest pace with the number of vacancies up 13% over the last month. This was closely followed by the nation’s driving instructors where vacant positions were up 12.4%.

Kate Shoesmith, deputy CEO of the REC, said: “This new data shows the continued strength of the jobs market, despite any wider economic uncertainty. The number of job adverts being posted each week is stable.

“It’s a great time to be looking for work as a jobseeker, as employers are having to think more about the pay, benefits, conditions and development opportunities they offer both new starters and current staff as they compete for talent.

However, there were warnings that the market could rapidly change due to fears over the economy rising among businesses.

“There is a danger that with costs soaring, employers will have to reprioritise – as there is still no viable support package for businesses to meet these rising costs. We know that employers’ confidence in the broader economy has started to drop,” she said.