Indeed data reveals stagnant job market in November
This month’s jobs data from Indeed shows stagnant job postings growth for the month of November across most sectors in the UK. Compared to October, job postings are down across virtually all industries, aside from education (up 4%) and healthcare (up 2%).
The dip in job posting numbers registered this month more than offset the timid increases witnessed in October. More specifically, the transportation and construction industries continued to show subdued job postings numbers - with month-on-month declines of 7% and 5% respectively - as a renewed sign of the slowdown in activity usually associated with the winter months. The dip in hospitality jobs, which went down by 6%, may reflect seasonal patterns in the industry.
Retail jobs decline ahead of Christmas
After October’s positive reading, retail job postings experienced a less marked - but still significant in terms of volume – decline. According to the British Retail Consortium and KPMG, sales fell by 0.4% from the same month last year, with total growth lagging behind its three-month average. On Indeed.co.uk, almost one out of any five jobs postings lost between October and November was a retail role, marking an 8% yearly decrease in the sector’s jobs volume.
Other significant monthly and yearly decreases were registered in the IT and education sectors, suggesting a weakening employer demand in those industries.
Mariano Mamertino, economic research analyst at Indeed, explained, “Overall, the latest industry employment trends hint to a quiet end of the year for the British job market. While it is certain that seasonal patterns are at a play, some of the drops observed suggest a somewhat weaker employer demand in this final part of the year. While we do not expect any major gains in job postings numbers in December, some pick-up in postings growth is likely to occur at the beginning of next year.
“The ONS Labour Market Statistics release due next week will confirm whether the mixed signals the UK labour market sent last month - with drops in both wage growth and unemployment - will be confirmed. With employment already at a historical high and unemployment steadily decreasing, it may not be long until we see an acceleration in earnings growth”.