Retail Jobs Report
Retail jobs continue downward trend
Against the backdrop of considerable price pressures and a global economic slowdown, the UK is experiencing its tightest labour market in decades with the unemployment rate at 3.7%, in the three months to October, and job vacancies remaining near record highs. The shrinking pool of available labour (565,000 people are no longer economically active when compared to before the pandemic) had started reversing earlier in 2022, however inactivity did slightly fall in the most recent reporting period.
Vacancies remain near record highs of 1.19 million in the three months to November although do appear to have peaked and are coming down. This represents 360,000 more vacancies than before the pandemic. Vacancies are above pre-crisis levels in every sector, with accommodation and food as well as healthcare jobs seeing the most acute labour shortages. In absolute terms, the wholesale & retail sector accounts for the second largest number of vacancies, at 148,000, around 14,000 higher than prior to the pandemic.
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