Vacancies in the UK have slumped to their lowest level in over five years as firms pull back hiring in the face of economic uncertainty and soaring wage costs.
The Office for National Statistics (ONS) said vacancies tumbled by 19,000 quarter-on-quarter to 707,000 in the three months to May, which is the lowest since the three months to April 2021.
The ONS said the drop in vacancies was significant across retail and hospitality sectors and smaller employers, while the largest fall in the quarter was in professional services.
The latest figures show Britain’s rate of unemployment edged lower to 4.9% in the three months to April, down from 5% in the three months to March.
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