A recent report by Adzuna, a UK-based job search engine, suggests early indications of stability in the UK job market. In February, job vacancies in the UK decreased by only 0.14% compared to January, totalling 866,242 vacancies. This decline is notably smaller than in previous months.

Adzuna highlights that this marks the first sign of a more steady job market following several months of significant drops. For instance, there was a -6.64% decrease in vacancies between December and January and a -6.95% decrease between November and December.

However, despite this stabilisation, job vacancies in February were still down by 15.11% compared to the same period last year. Moreover, there were 1.86 job seekers per vacancy, the highest ratio since August 2021.

On a positive note, the average advertised salary in the UK increased by 0.81% in February, reaching £38,478. Andrew Hunter, co-founder of Adzuna, noted that although there may be fewer job opportunities currently, companies that are hiring are willing to invest in skilled staff.

Transparency regarding salaries also showed improvement, with 50.7% of roles advertised on Adzuna featuring a salary in February, the highest level since May 2023.

In terms of sectors, the retail industry saw the highest advertised salary increase, rising by 2.63% to an average of £29,834 in February. This increase follows commitments from several retailers, including M&S, Sainsbury’s, Aldi, and Lidl, to raise wages.

Geographically, the East Midlands experienced the highest average advertised salary increase, with salaries rising by 6.45% to £35,516.

Cambridge emerged as the most favourable city for job seekers, with only 0.33 applicants competing for available roles. Conversely, Bradford remained one of the most challenging cities to find a job, with 7.26 job seekers per 2,643 vacancies.