'Sharp uptick' | Biggest monthly increase in vacancies for 3 years despite slashed growth forecasts

Monthly job vacancies rose by almost four percent in February, bringing relief to job hunters across the UK, according to new figures.

The latest UK Job Market report from job matching platform Adzuna, showed that UK hiring recorded its biggest monthly increase in three years in February, up +3.73% to 859,329, a positive sign for UK businesses despite a gloomy economic outlook and growth forecasts being slashed by the OBR. Graduate (+16.7%) and Healthcare & Nursing (+10.17%) were responsible for the rebound which follows months of negligible to minimal growth.

Job vacancies are still down annually, albeit the smallest drop since July 2022, -0.8% compared to February 2024. Despite the rise in total vacancies, the jobseeker per vacancy ratio has increased to 2.08, up from 2.05 in January. In addition, average salaries have continued to climb, up +1.59% month-on-month and +7.85% annually - the third month in a row that annual increases have been over 7%. This does appear to suggest that UK employers are adapting to the new normal of a tight job market, with companies willing to invest in top talent. 

Salary transparency increased slightly in February to 47.69%. Whilst there are still more job adverts without salary information (52.31%), it is the first time in a few months that transparency has gained ground. Meanwhile, the average time it takes to fill job roles is shortened to 34.9 days from 35.2 days in the previous month.