Ad land is facing a deepening job crunch following a sharp drop in vacancies.
Job postings in advertising, marketing and PR fell 11pc in March compared with a month earlier, according to data from the jobs search engine Adzuna, the largest fall of any sector over the period as companies slash their marketing budgets.
The figures come after advertising tycoon Sir Martin Sorrell, the founder of WPP who now runs S4 Capital, warned that clients would continue to be cautious about their spending after a downturn in the tech sector hammered advertising spending in 2023.
Client reluctance to commit to marketing projects has caused job vacancies in the sector to shrink, with S4 last year laying off hundreds of staff.
The overall number of jobs listed with Adzuna in March was down by 17pc compared to the same period a year ago, marking the fifth month of decline.
The second-largest drop in job postings for the month was in trade and construction, with a 8.24pc fall amid a prolonged housebuilding slump.
By comparison, vacancies in the travel industry jumped 16pc over the month while job postings in manufacturing were up 6pc, Adzuna said.
Job postings in middle earning sectors have fallen faster than high-income roles, Telegraph analysis of job data found last month, while vacancies in low earning professions largely remain above pre-Covid levels.
There has been a boom in low paid work since the pandemic, with economists pointing out that the downturn in middle income roles reflected the fact that many of these jobs were in sectors vulnerable to high interest rates and recessionary forces.
While middle and high earners are squeezed, wages in typically lower paid positions such as childcare and retail have been steadily rising. Adzuna said wages in energy, retail and social work grew the most last month.
Job vacancies have been falling in recent months as companies nervous about the outlook for the UK economy look to fill roles more cautiously.
Andrew Hunter, the co-founder of Adzuna, said the data for March “continues to paint a difficult picture for job hunters in 2024. Vacancies have fallen again in March, unemployment is up and competition for open roles is intensifying across most sectors”.
“The outlook remains poor too – Adzuna’s data suggests no clear signs of a hiring recovery just yet.
“The rise in salaries is expected, with wages often lagging behind labour market slack so these figures will likely embolden the Bank of England’s monetary policy committee to begin cutting interest rates this summer.”
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