Job creation has fallen ten per cent in a year, but regional recruitment offers a glimmer of hope.
Advertised jobs vacancies have fallen by ten per cent in the last 12 months, according to new figures from an online search engine.
The Adzuna UK Job Market Report found that one in ten vacancies has been lost in the last year.
Using its own data, Adzuna detected a net decline in jobs postings of 113,805 since August 2018. It is the single largest fall in job creation since the company began reporting on its data, six years ago.
The decline has not been felt evenly across the UK economy, however. Manufacturing has been the hardest hit sector for job creation, with a net decline of 23 per cent.
Engineering also experienced a 12 per cent drop in vacancies.
The regional data saw a nation of two halves, as well. However, the figures do not tell the tale that many would expect.
The North East of England saw the greatest fall in vacancy numbers: 45 per cent. But then London also experienced a sharp decline, too. The capital accounted for 15,046 fewer jobs listings compared to the previous 12 months.
Interestingly, while the North East was hardest hit, the neighbouring Yorkshire and Humber territory was the only region to enjoy an increase in jobs creation. It would suggest that while the UK economy may still be focused around the expansion of certain urban hubs, it is no longer the capital which is attracting the greatest influx of new positions.
A shift to part-time appointments in uncertain times
Meanwhile, part time employment has increased rapidly. The listing of part-time roles has risen by 43 per cent in the year to date. Although some commentators suggest that the numbers reflect a cultural shift towards flexible working, it perhaps also indicates the degree of uncertainty in the jobs market.
Many employers seek the requisite skills to ensure the continuing success of their businesses. But, with significant geopolitical uncertainties looming, many firms will be unable to stand behind a full-time hire, at present.
The rapid increase in part-time jobs listings may therefore also be seen as one method that enterprises are using to connect with relevantly-skilled individuals. In more certain times, these part-time workers may be offered full-time agreements.
This theory also gains support from recent recruitment data from the United States.
There, analysts are reporting widespread “talent hoarding” among top firms, who are recruiting simply to remove talented individuals from the jobs market before rival firms can hire them. It is a practice last seen during the dotcom bubble of the early 2000s.