Job vacancies fall as small firms cut back on recruitment
Small firms cite labour costs as a key factor in scaling back hiring, the Office for National Statistics says.
Job vacancies in the UK have recorded their biggest decline since the beginning of the year, as smaller businesses reduced hiring, according to official data.
The Office for National Statistics (ONS) said vacancies dropped by 21,000 in the three months to September, leaving 691,000 open roles. It added that small firms were pointing to labour costs as a major reason for cutting back on recruitment.
Since the Iran war began, energy costs have increased, and businesses have also said rises in National Insurance and the minimum wage have made employing staff more expensive.
The ONS figures also showed that the unemployment rate fell to 4.7% in the three months to August, down from 4.9% previously.