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UK Job Vacancies Fall on Brexit Worries, Higher Minimum Wage

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Job vacancies in Britain slumped in April as uncertainty around the country’s European Union membership referendum and the introduction of a higher minimum wage made employers more reluctant to hire, a jobs website said.

Job openings dropped by 9 percent in April from March and were down a hefty 27 percent versus a year ago, the survey by job site Indeed showed on Tuesday, a day before the release of official jobs market figures.

The monthly release said the slump in recruitment began in March and accelerated in April when the government introduced a new and compulsory higher minimum wage of 7.20 pounds an hour, up from 6.70 pounds for workers aged 25 or above.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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