Official figures released this morning reveal a record high of 32.75m people in work up to the end of May, while 1.29m were unemployed – the lowest level since 1992.

The figures show the unemployment rate remained at 3.8% – its joint-lowest rate since the quarter to January 1975.

Wage growth in the UK rose its highest growth rate since 2008 to 3.6% in the year to May 2019

However, the growth in employment slowed to its weakest increase since the quarter to August last year to 28,000, the weakest increase since the three months to August last year as vacancies also fell to their lowest level in more than a year.

Commenting on the figures, Ben Keighley, founder of social media recruitment specialist Socially Recruited, said while it would appear to be an employee’s job market on the surface, the situation is fragile, with pay levels still struggling to reach the pre-recession levels of 11 years ago despite the moderate pick up in wage growth.

“Employers are being forced to go the extra mile to find the best candidates for each and every vacancy, tempting potential candidates who are not even actively job hunting to try something different, and are looking at increasingly sophisticated ways to reach potential recruits.

“The tightness in the labour market means companies are also actively seeking to poach staff from their rivals, while offering better training and other perks to shore up their own teams.”

And Pawel Adrjan, UK economist at the global job site Indeed, warned the figures indicate Britain’s booming jobs market could finally be colliding with the ceiling of full employment.

“It’s far too early to tell if this is a blip or a turning point. Other elements of the latest labour market snapshot remain resolutely rosy.

“Most encouraging of all are the signs that more people are re-entering the workforce. Small though it is, the fall in the number of economically inactive people is a reassuring indication that rising wages are tempting more people to get back into work.

“Meanwhile, at a micro level, Indeed’s own data suggests demand for care workers and some medical professionals is growing fastest. Online job postings for healthcare support roles jumped by almost a quarter (24%) between the second quarter of 2018 and the same period this year. At the other end of the scale, job postings for teachers fell by 13%, with vacancies also declining for transportation, business, architecture, engineering and design jobs."

Lee Biggins, founder and CEO of careers site CV-Library, added: “While it’s not unusual to see a quarterly drop in vacancies at this time of year, particularly given that January and February are some of the busiest months in the hiring calendar, the annual dip does suggest that companies are holding back in their hiring efforts.

“At the same time, businesses are pushing up their pay packets in an attempt to entice more workers out of their current roles. In fact, we found that average salaries jumped up by 4.1% during this time and these efforts appear to be paying off, with application rates also rising by 8.6%. More people are in work than ever before and this is a positive milestone to shout about – particularly when it comes to female employment.”

And Tom Hadley, director of policy and campaigns at the Recruitment & Employment Confederation, said the overall picture remains positive – an economy that provides opportunity to millions: “This is good news, but it should not be taken for granted.

“The declining number of vacancies continues to act as a warning sign. Our own ‘Report on Jobs’ data shows a slight decline in permanent placements, as employer confidence and investment decisions remain stunted by Brexit uncertainty. At the same time, the challenge in sectors as wide-ranging as technology, healthcare and hospitality continues to be finding candidates to meet demand from employers.

“As we are set to see big changes at the top of government, the new PM and his cabinet must ensure that protecting and enhancing the UK jobs market is at the top of the agenda. This includes an open immigration system for businesses to attract the talent they need and ensuring that more workers have access to skills training and progression opportunities.”

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