Figures show job vacancies have fallen to lowest level in five years
Data published by the Office for National Statistics (ONS) has revealed that the number of job vacancies has fallen to its lowest level in over five years.
The UK unemployment rate remained at 4.9% but vacancy numbers dipped over the May to July period, totalling 707,000.
The ONS found that smaller businesses are cutting back on recruitment as labour and operating costs rise.
Growth in regular earnings rose, but private sector wages grew at their slowest pace in six years.
Responding to the data, Patrick Milnes, Head of Policy for People and Work at the British Chambers of Commerce (BCC), said: 'Although unemployment has held steady at 4.9%, this cannot hide the wider problems bedevilling the UK's job market.
'Business confidence is at a post-Pandemic low and the squeeze on firms' finances shows no signs of easing.
'With last week's announcement that changes to zero hours contracts could cost businesses almost £3 billion, many will be reassessing their recruitment plans.'
Internet link: ONS