Job market stagnates as advertised salaries drop for first time in eight months

Advertised salaries have seen a minor drop for the first time since the previous October as the job market remains stagnant, new research suggests.

Job search website Adzuna reports an uptick in vacancies for teaching positions but a decrease for nursing and healthcare staff. The study revealed that the average wage on offer declined by 0.1% last month to £38,765.

According to Adzuna, a slight reduction in salaries might ease the strain in the labour market, though it could also indicate a rise in entry or junior-level roles with lesser remuneration. Cambridge holds the title of the UK’s prime location to secure a job, featuring 0.34 jobseekers per opportunity, followed by Guildford (0.49) and Exeter (0.63).

Bradford retains its spot as the toughest city to find employment, presenting 7.94 jobseekers per vacancy, the report confirmed. Andrew Hunter, co-founder of Adzuna, commented: “Hopes that a return to growth would result in greater confidence in hiring were not reflected in job vacancies in May, which remained essentially flat.”

“However, there were slight increases in roles in travel, teaching and manufacturing areas where there have been some entrenched staff shortages. In the meantime, salaries have fallen slightly month-on-month pointing to a slightly less tight labour market and perhaps indicating that companies are beginning to post more junior and entry-level roles.”

“The job market has been met with resistance in the past few months but the upcoming general election may have the potential to salvage the situation. Any outcome is likely to move the needle on the sluggish job market, with both the Conservative and Labour parties pledging to create more jobs.”

“Sectors highlighted in their manifestos, such as healthcare and nursing, energy, oil and gas, and manufacturing, all experienced a vacancy drop of more than 20% year-on-year as of May 2024.”