The UK economy enjoyed a boost over the summer of 2018  as the number of UK vacancies rose by 11.9%. Salaries also increased in Q3 2018, up 4.3% compared  to Q3 2017.  The rise in vacancies shows that employers still have confidence in the economy, despite Brexit uncertainty and the unemployment rate at its lowest rate since 1975 (4%).

Wages Growth

The increase in salaries after a decade-long lack of wage growth has been put down to an increase in competition for workers. The Office for National Statistics (ONS) Head of Labour Market Statistics, David Freeman said: “People’s regular monthly wage packets grew at their strongest rate in almost a decade.”

 Increase In Candidate Availability

CV-Library, which announced the findings in their latest vacancies report, also found a steady  increase in candidates looking for a job in some of the UK’s key industries.   Sectors showing an increase in candidates for vacancies include retail, education, accounting & finance, construction, engineering, catering, IT, hospitality and marketing.

 Skills Shortages

Nonetheless, the ongoing skills gaps remain a concern. Skills shortages are a major issue in other industries such as manufacturing,  engineering and supply chain logistics. Lee Biggins, founder and MD  of  CV-Library  said :“While more candidates are showing interest in a new job, application rates aren’t keeping pace. If we hope to bridge the ongoing skills gap and start strengthening the UK workforce once more, organisations need to focus on targeting passive candidates and pulling out all the stops in order to attract the right people to their roles.”