UK job vacancies drop 21,000 as small firms curb hiring

UK job vacancies fell 21,000 to 691,000 in the three months to September, the largest decline since the start of the year, with small businesses citing rising labor costs as the main factor. The unemployment rate fell to 4.7% in the three months to August, but wages growth lagged behind inflation, rising just 0.8% in real terms. Vacancies dropped to their lowest level in over five years, concentrated in the construction sector, while the jobless rate for those aged 16 to 24 remained elevated at 15.6%.