Jobseekers were spoilt for choice in September as the jobs market reignited after its post-Brexit pause for breath, according to the latest UK Job Market Report from Adzuna.co.uk.
In comparison to August’s figures, total advertised vacancies increased 0.8% to 1,132,844 in September.
With confidence beginning to return as Brexit plans are starting to take shape, the jobs market seems to be remaining resilient despite concerns that the EU referendum result would have more of a negative impact.
The employment rate has held steady at 74.5%, its joint record highest level since comparable records started in 1971, according to the ONS.
Despite a slight increase in unemployment figures at the same time, the increase in average advertised vacancies, the rise in self-employment and part-time vacancies are all underpinning a thriving, healthy workforce.
The number of jobseekers per vacancy has seen a slight fall to 0.47 after plateauing at 0.49. Coinciding with the rise in total advertised vacancies, more opportunities have opened up for job seekers to explore a new opportunities or take their first steps into the world of employment.
Doug Monro, co-founder of Adzuna, said: “Jobseekers looking to move into a new role or those that are fresh to the jobs market hold all the aces at present. Many predicted that Brexit would deflate the jobs market, but the opposite in fact has occurred. September’s figures represent a bouncing back from the momentous EU referendum result and renewed consumer and employer confidence.
“Despite this, average advertised salaries have fallen slightly this month despite the wide-reaching talent pool of highly skilled workers available. There is a demand for employers to compensate highly skilled workers accordingly. The upcoming Autumn Statement is fast approaching, which would be a positive opportunity to boost wage growth. Overall the results remain positive though and it is important to remain open-minded to change as Brexit plans will not be finalised until Spring 2017.”
The Welsh dragon roars back
Average salaries in Wales have risen by 0.3% in the past year, while all other regions witnessed decreases.
Total vacancies in the country number 20,893 and the average salary now stands at £28,967. The recently announced Welsh budget of £14.9bn includes an extra £240m for the NHS and £111m for apprenticeships and traineeships, providing an economic boost and every reason to feel optimistic about future potential in the country.
Current schemes such as the £223m Head of the Valleys road widening project and the recent beginning of a new £40m retail park in Merthyr will not only enhance the country’s infrastructure and amenities, but also boost the local economy and create jobs.
Property sector defies pre-Brexit expectations
With fears rife that house prices and transactions would decline off the back of the Brexit decision, it was almost inevitable that vacancies and salaries within the property sector were expected to fracture. However, the property sector has in fact seen an increase of 7.9% in average salaries which now stand at £32,900.
This has been supported by the fact 12,075 vacancies are available to jobseekers looking to pursue a career within this industry. This is partly because the housing market has now settled down following the surprise of the outcome of the EU referendum.
North-South divide still evident in the jobs market
Cambridge remains the best city in the UK to find a job, with 0.06 jobseekers per advertised vacancy. Guildford, Oxford, Reading and Winchester round out the top five, proving that the South of England is the place to be for those seeking a new opportunity.
The worst city in the UK to secure a job continues to be Belfast despite jobseekers per advertised vacancy falling to 4.18, in comparison to 5.42 in August. Competition for jobs may partly be so high because of the paucity of average advertised vacancies (currently standing at just 5,135). Sunderland follows close behind in second position, with 3.07 jobseekers per vacancy.
Mr. Mono said: “Despite the consistent north-south divide in terms of competition for job vacancies across the UK, these figures are not set in stone as Brexit has opened up new opportunities for this to change over time.