Job vacancies hit lowest level since 2021 as unemployment rate falls

Job vacancies in the UK have fallen below 700,000 for the first time in more than five years, reaching about 691,000 in the three months to September, according to official data. The Office for National Statistics reported vacancies down by 21,000, the lowest level since April 2021. Unemployment edged slightly lower to 4.7%, while wage growth continued to cool: employee earnings rose 3.7% annually excluding bonuses, marginally above economists’ 3.6% forecast. Including bonuses, pay growth was also 3.7%, below expectations. Economists said a softer jobs market could reduce pressure on the Bank of England to raise rates, even as energy costs and inflation risks remain central to policymakers’ outlook.