UK jobs market cools: vacancies at their lowest since 2014

The Office for National Statistics (ONS) has published its latest labour market figures. The main signal is that employers are becoming more cautious: vacancies are falling and pay growth is slowing.

How many vacancies?

In July to September 2026 there were 691,000 vacancies — down 21,000 (2.9%) on the previous quarter and 37,000 (5.1%) on the year. Outside the pandemic period, the last time vacancies were this low was back in 2014. That means finding work has become harder and competition for jobs has risen.

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What about unemployment?

The unemployment rate was 4.7% (June to August), down 0.1 percentage points on both the quarter and the year. The employment rate for 16-64 year-olds rose to 75.3%. Economic inactivity — the share who are neither working nor looking for work — fell to 20.9%.

And pay?

Average weekly earnings including bonuses rose 3.7% over the year — slower than 3.9% in the previous period. Excluding bonuses, growth was also 3.7%. Adjusted for inflation (using CPIH), real regular pay grew just 0.6% and total pay 0.7%. So earnings are rising a little faster than prices, but the gap is small.

What it means for workers

The market is clearly cooling. In these conditions it is harder to move to a better-paid job, and employers raise pay less often. If you are job-hunting, widen your search, refresh your skills and apply promptly. If you are already employed, it is wise to value a stable role and build a financial cushion.

Why it matters for the economy

The jobs market is one of the Bank of England's key guides. Slower pay growth eases pressure on prices but also signals that the economy is losing momentum. The next ONS labour market release is due on 17 November.

Where things are better

The picture varies across the country: in some sectors and regions demand for workers holds up, while in others vacancies have almost dried up. Health and care, education, logistics and construction tend to be steadier, with ongoing staff shortages. It is worth looking not just at the overall unemployment rate but at demand in your own occupation and city — the ONS publishes regional data separately.

For recent arrivals, right-to-work matters: an employer must check your status, and a confirmed income helps with visa renewals and mortgages alike. So even in a cooling market it pays to be employed formally and keep your payslips.