2023 started off on a high note for those looking for work with high numbers of job vacancies and low levels of unemployment. However, this intensified the labour shortage which had already been worsening since Brexit and the Covid pandemic.
Now, in April 2023, the UK is experiencing a shift in the job market as vacancies fall and unemployment starts to rise. Between December and February, there are approximately 220,000 more people seeking employment than the three months prior. An explanation for this increase could be because of the continuing cost of living crisis, which is putting a strain on many British households.
Furthermore, figures from the Office for National Statistics shows that while the employment rate reached 75.8% in the three months before February, the unemployment rate simultaneously increased from 3.7% to 3.8%. Many over-50s and younger people have started to re-enter the jobs market in order to cope with the current crisis, which has pushed these figures up. On the other hand, job vacancies in the UK have fallen again due to economic pressures meaning that businesses cannot afford to hire new staff.
Could this be the beginning of a shift in the UK job market? Let us know what you think!
Are you looking for work? Recruitment Solutions have plenty of vacancies in a variety of industries on our website at www.rsuk.biz or give us a call on 01392 430800.