As the UK gears up for its fourth general election since 2010, increased economic uncertainty has led to a significant drop in job advertisements across Portsmouth. In fact, according to data from the UK’s leading job board, CV-Library, the number of advertisements fell by 15.1% month-on-month.
The findings, which explore job market data from November 2019 and compare this with the previous month and the same period in 2018, also reveals that the South East follows a similar trend; with job adverts down by a staggering 12% month-on-month.
Despite these drops, salaries appear to be rising significantly. Wages in the Portsmouth area rose by 15% month-on-month and a further 31.4% year-on-year; marking pay increases a significant trend in the city.
Lee Biggins, CEO and founder of CV-Library, commented: “While recent projection polls expect Labour to hold its Portsmouth South seat in the general election, many nearby areas such as Portsmouth North, Gosport and Fareham are expected to vote Conservative. Clearly there is a great amount of uncertainty regarding the result of the election and with Brexit hanging in the balance, companies have no choice but to hold back on hiring new talent.
“However, it’s not all bad news for job seekers. Many employers are still working harder to entice candidates to their roles, resulting in rising salaries across the city. In addition to this, we also expect to see job advertisement figures jump up massively in the New Year, making now an ideal time to start preparing for your job search.”
Interestingly, it isn’t just employers that are putting on the brakes this month. In fact, applications to jobs in Portsmouth also fell by 5.2% month-on-month. This is indicative of a wider trend across the South East, as applications across the region fell by 11.3%
Biggins added: “It’s important to remember that while these numbers are certainly exacerbated by the current political climate, this time of year is usually slower for recruitment across the board. If you are thinking about finding a new job in 2020, be sure to update your CV, showcase it in the right places and start brushing up on your interview techniques. That way, you’ll be ready to make the most of the January recruitment rush.”