Competition for jobs in the North East falls to six-year low

According to research carried out by classified ads search engine Adzuna, the number of job seekers to each job has reduced by half in the last twelve months in the North of England.

Twelve months ago, there were more than 20 jobseekers competing for each advertised position in half of the towns in the North.

In Sunderland, the number of job seekers to each job has reduced from 40 to 14 since May 2013.

In addition, the report indicates that the labour market is showing evidence of emerging wage growth, with pay increasing for the second consecutive month in May 2014.

Advertised salaries in the North East increased 0.3% between April and May, bringing the average salary to £27,716.

Andrew Hunter, co-founder of Adzuna, said: “Wages are truly beginning to turn a corner, with employers increasing salaries in a bid to attract the talented staff they need to grow. It is helping to turn a much needed rise in real wages from distant dream to tangible reality.

“Given inflation fell to 1.5% in May, it’s hard to see the Bank of England holding off on raising interest rates until 2015. Surely the Bank’s ‘wait and see’ tactics will only last as long as the summer months. Our data suggests a rate rise is most likely in Q4 of 2014.

“Growing manufacturing opportunities in the North West and Yorkshire are beginning to bridge the North-South divide in the labour market.

“Osborne’s ‘Northern powerhouse’ proposals for a high speed rail link between Manchester and Leeds will no doubt close that gap even further. In order to support workers from the top to the tail of the UK, we need more projects that will connect and develop pockets of industry and continue to stimulate new job vacancies.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.