Job vacancies fall as small firms cut back on recruitment

Job vacancies in the UK have seen their largest fall since the start of the year as smaller businesses cut back on recruitment, official figures indicate. Vacancies fell by 21,000 in the three months to September to 691,000, according to the Office for National Statistics (ONS), which said small firms were citing labour costs as a key factor in scaling back hiring. Energy costs have risen since the Iran war began, and companies have also said that increases in National Insurance and the minimum wage have made it more expensive to employ staff.

The ONS figures also showed the unemployment rate fell to 4.7% in the three months to August, down from the previous figure of 4.9%.