In November 2024 the UK job market began to show signs of improvement. Both vacancies and salaries advertised reached their highest levels in the past year.
This growth, according to the latest Adzuna report, signals renewed confidence in employers as the year ends, although challenges remain in some sectors.
In November, the number of vacancies rose to 879 399, an increase of 2.3% from October. The surge in hiring was mainly due to seasonal factors, especially for warehouse and logistics roles. These positions grew by 12.6% per month, representing an annual increase of 8.3% and a 24.4% jump compared with the summer. The average salary advertised rose to PS39.646, an increase of 6.5% on a year-on-year basis – the biggest annual rise since 2021.
The increase in vacancies is attributed to the hiring boom around Christmas. Healthcare and nursing positions also saw a significant 9% growth each month, while trade and construction grew by 6.3%. Accounting and finance positions increased by 4.7% as a result of year-end accounting requirements.
However, some sectors struggled. Travel roles also saw a decline of 4.8%, and IT positions fell by 3.6%. This is due to a reduction in activity after the summer. Retail suffered the most, with job vacancies dropping by 40.6% on an annual basis, despite salaries increasing 15.1%.
The firm reported that despite these setbacks the average time it takes to fill a position dropped to just 32.8 days in Novermber, the shortest period since Adzuna started tracking the data in 2016. This was a significant improvement over October’s average of 39.5 days. It also highlights the fierce competition in the hiring market.
For the second time in this year, the number of job seekers per vacancy has fallen. It dropped from 2,08 in October to just 2 in November. This is the biggest monthly decline in 2024.
For the second month in a row, all regions saw an increase in annual salaries. Wales outpaced Scotland, with an increase of 7.3% on a year-on-year basis. London dropped down the rankings following a brief climb in October.
The most sought-after role is warehouse worker, a reflection of the high demand for logistics and warehouse jobs. The second most in-demand role was healthcare support worker, followed by sales assistant.
Andrew Hunter, Adzuna’s co-founder, stated that there were mixed signals on the job market. “November’s numbers offer hope for the UK’s job market as we wrap up what has been a difficult year.” The growth in the Logistics sector is driven by seasonal hiring. However, economic uncertainty, such as National Insurance increases, and a shrinking of the economy, could weigh on hiring early in 2025.
He said that while the job market is showing signs of improvement, other challenges, such as the economic contraction and sectoral struggles, suggest a complicated landscape for the coming year.
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