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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 Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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