The number of job vacancies in the UK held steady at 460,493 in May but only because employers are keeping a lid on wages and hiring at low salary levels, according to the latest UK Employment Market Report from Adzuna.
- UK job vacancies in May stabilise at 460,493, down 0.1% from April, up 1.4% on May 2012. Job numbers have increased in every previous month this year
- But average salary falls to £33,617 p.a., down 0.2% from April, down 1.7% on May 2012. Lower wages are propping up employment levels and sustaining hiring
- Wages down £1,504 p.a. in real terms since May 2012
- Unemployment falls 2.8% to 1.5 million between April and May, 6% lower than May last year
- 3.2 jobseekers for every vacancy, down from 3.5 in April, meaning competition for vacancies is easing
- Huge regional variations, ranging from 0.37 jobseekers per vacancy in Aberdeen to 57 in The Wirral
- IT jobs show biggest growth. 500,000 advertised jobs in last 6 months with IT salaries increasing by 5%
The average advertised salary in May was 1.7% lower than twelve months ago, a drop of £571 over the course of year and fell 0.2% month-on-month, currently standing at £33,617 p.a. Taking inflation into account, the real terms drop in salaries is even more pronounced. With CPI inflation running at 2.7% in May, the average advertised salary has fallen by 4.4% (£1,504) in real terms since May last year.
The only regions where average salaries have increased in the past six months are London (+3%) and the South East (+1%). Wales and Eastern England have seen the steepest drop, with average salaries falling by 4% in each region since last November.