The job market for recent university graduates has reached its lowest point in at least a decade, with just 8,383 vacancies advertised in the past month, according to recruitment website Adzuna. This represents a 45.6% decrease compared to the same period last year and marks the lowest figure since Adzuna began compiling the data in 2016.
The number of available graduate roles is a fraction of the peak seen in mid-2017, which stood at 55,000. Adzuna co-founder Andrew Hunter described the situation as a "graduate crisis" hitting a "record low," stating that employers have yet to find compelling reasons to increase hiring at this level.
This decline in entry-level positions occurs as a record number of 262,820 18-year-olds are beginning their university studies. The shrinking job market for graduates adds to broader economic challenges, including a general decrease in overall job vacancies, which fell by 9.6% to 791,490 last month. Competition is intensifying, with the number of jobseekers per vacancy rising to 2.14, up from 1.93 a year ago.
Some experts suggest that the rise of artificial intelligence may be impacting traditionally popular graduate professions such as accountancy and law, as AI can now perform many of the routine tasks previously handled by entry-level employees in these fields.
Despite the downturn in job openings, there has been a slight increase in average graduate salaries, which edged up to £25,815 in July from £25,773 in May. This offers a small measure of relief for those who manage to secure employment.
Politically, the figures have drawn commentary. A Conservative spokesman, Andrew Griffith, stated that the current government must reduce regulations and taxes to enable businesses to afford hiring. The Prime Minister has also emphasized support for alternative career paths, such as technical qualifications, asserting a commitment to valuing vocational training alongside academic degrees.