UK Jobs Market Weakens as Vacancies Hit Four-Year Low Before BoE Decision

UK jobs market shows weakness with vacancies at four-year low, pay growth steady ahead of BoE rate call.

September 15, 2026 One Min Read

POLICY WIRE — London, United Kingdom — Official data reveals a continued slowdown in the UK job market, with job vacancies reaching a four-year low as businesses hesitate to expand their workforce due to rising labor costs.

The Office for National Statistics reported that the number of job openings dropped by approximately 8,000 in the three months ending in August, bringing the total to 702,000. This marks the lowest level since early 2021 and the lowest outside the pandemic period in over a decade.

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Small businesses are particularly affected by increasing wage expenses, which are deterring them from hiring new staff. Meanwhile, average weekly earnings rose by 3.5% in the three months to July, outpacing inflation, which increased by 0.8% during the same period. The unemployment rate remained stable at 4.9%, but payroll numbers saw a decline of 26,000 in August, following a 19,000 drop in July.

Reporting by Policy-Wire (PW)

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