In 2023, job markets worldwide experienced significant challenges due to factors such as inflation driving up costs and leading to widespread layoffs. The UK, in particular, saw a decrease of 226,000 job vacancies in the three-month period from October – December 2023 compared to the same period in 2022.
The UK’s unemployment rate was 3.8% at the end of the last quarter, which was the same as the rate in October-December 2022. While relatively low, it’s important to note that zero-hour contracts, which do not offer consistent employment, are counted among the employment rates.
Wealth of Geeks, experts in side hustles, analyzed the latest data from the Office of National Statistics, comparing the job vacancies from October – December 2022 to the same period in 2023, ranking each industry based on the percentage difference.
The transport and storage industry experienced the largest decline in vacancies at 36.5%. This decrease can be attributed to rising fuel costs and stricter border crossings, forcing companies to cut costs to stay in business. Additionally, the industry has seen a decrease of 0.3% in businesses since 2021, totaling 9,000 fewer businesses.
Following closely, the information and communication industry saw a 29% decrease in vacancies, largely due to higher competition from a growing number of graduates entering the field. Similarly, the arts and entertainment industry had a 27.7% decline in vacancies, despite an increase in the number of businesses.
Furthermore, the financial and insurance industry marked a 26.3% drop in vacancies, the accommodation and food industry showed a 23.9% decrease, and the professional scientific and technical sector experienced a 22.9% decline.
Rank Industry Vacancies October – December 2022 Vacancies October -December 2023 Percentage difference 1 Transport and Storage 48 30 -36.5%
Appreciating the findings, Michael Dinich, a spokesperson for Wealth of Geeks, emphasized the significance of understanding the common industries and the impact of the economy and education levels on the types of jobs available. He further highlighted the impact of supply and demand, particularly in relation to the increased competition and high turnover in more generic job roles.