Commenting on the ONS labour market statistics, Flora Lowther, head of research at Adzuna, commented: “Employment levels have risen marginally and our data shows current vacancies are up 1.4% in the 6 months to May to 460,493, suggesting the economy has an improved capacity for more job creation. We expect the number of those in work to rise marginally in June as a result of the increase in vacancies. The private sector is driving the labour market, but it is driving it fairly slowly. The Adzuna data indicates that businesses are trying to build up their cash balances as a buffer to the tough economic climate and so are hiring staff at low wage levels, and keeping a lid on the wages of existing staff. Advertised salaries have increased by just 0.5% over the past six months – well below the rate of inflation – so have been falling in real terms. The current average salary for an advertised job is £33,617, just 0.1% lower than in April. Advertised salaries in the consultancy sector have fallen 10%, and manufacturing salaries have fallen 12% over the past six months. The brightest spot is the IT sector, where advertised salaries have increased 5% over past 6 months.”
Adzuna.co.uk is a search engine for classified ads used by 2 million people each month. The site aims to makes it easier to find the right job for you. We search thousands of websites so you don’t have to and bring together millions of ads so you can find them all in one place. Adzuna’s data powers the Number 10 Dashboard, used by the Prime Minister and senior officials to keep track of economic growth on a daily basis.
Adzuna.co.uk was founded in 2011 by Andrew Hunter and Doug Monro, formerly of eBay, Gumtree, Qype and Zoopla and is backed by leading Venture Capital firms Passion Capital, The Accelerator Group and Index Ventures.
The Adzuna Employment Index
Adzuna has the most complete index of over 500,000 UK job vacancies covering all regions in the UK. The technology collects every job vacancy advertised online in the UK from over 300 sources. This data is then normalised, deduplicated, mix-adjusted and outliers are removed in real time to give users an accurate, complete, up to the minute view of the job market. Adzuna’s data reflects the month in which the report is published rather than the preceding months.