Brexit fears prompt slowdown of jobs growth - Mitrefinch

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Brexit fears prompt slowdown of jobs growth

Published: May 4, 2016

The recovery in the jobs market has stalled due to uncertainty over Brexit, according to new findings.

A report published by Adzuna.co.uk has highlighted a marked slowdown in the pace of the jobs market recovery, with vacancies dropping by 10.3 per cent over the last quarter.

Its figures showed that every region in the UK experienced a reduction in available jobs.

Vacancies in the south-east saw a 15.6 per cent drop in vacancies and Northern Ireland experienced a 15.4 per cent reduction.

Altogether, this represents a marked change from November 2015, when the employment market saw ten consecutive months of improvements in job openings.

Speaking about the findings, Doug Monro, co-founder of Adzuna, said: “There are signs that caution is controlling the current UK jobs market and stalling the recovery. One possible explanation is that uncertainty around Brexit means hiring intentions have been paused. After a strong hiring outlook in the latter months of last year, it’s possible that attitudes to recruitment have begun to alter of late.

“Companies seem to be holding off on expanding their staff, instead preferring to sit tight and wait out the political bumps of the next couple of months. For jobseekers, this means fewer available positions and fewer choices are on offer.”

The growth in the rate of advertised wages has also slowed, according to the report. In February, the typical salary stood at £33,800 – increasing by just 0.6 per cent from £33,593 in January.

Since November 2015, salaries have increased marginally but have failed to reach promising earlier levels.

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