The UK job market in August 2023 experienced a significant rise in applications per job, reaching its highest point since January 2021.
- According to the latest data from CV-Library, job applications increased by over 38% compared to the previous year.
- Social care, education, and IT sectors saw some of the highest spikes in application rates, highlighting a competitive landscape.
- Regions like the East Midlands and North West were notable for their significant increases in job applications.
- The job market shift is attributed to high job vacancies, economic pressures, and the cost of living crisis.
In August 2023, the UK’s job market encountered a noteworthy surge in job applications, marking the steepest rise in competition for roles since early 2021. CV-Library’s analysis revealed a 38.3% increase in applications per job year on year.
Social care experienced a staggering 142.8% increase in applications, leading among various industries. This was followed by education with a 64% rise and IT with a 60% increase. Such statistics underscore a growing competitive environment within these sectors.
The geographic analysis showed that regions such as the East Midlands and North West had exceptional escalations, with 54.4% and 49.4% increases respectively. The West Midlands and North East also saw significant upticks in job applications.
Lee Biggins, the founder and CEO of CV-Library, commented on this shifting landscape, indicating that while vacancies remain high, they have receded from their previous peaks. He noted the ongoing influence of the cost of living crisis as a driver for individuals re-entering the job market to boost their income.
The current trends in the UK job market suggest heightened competition and shifting dynamics influenced by economic factors.
