Stock Markets June 17, 2026 12:41 PM

Barclays Nowcast Sees Further Softening in UK Job Vacancies Through May 2026

Three-month estimate drops to 673,000 as monthly nowcast for May also points lower

By Avery Klein
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Barclays' nowcast model estimates UK job vacancies at 673,000 for the three months ending May 2026, marking a notable decline from the model's prior period estimate and below the actual December-February level. Single-month daily-data nowcasts for May register 637,000 vacancies and reinforce the easing trend, while survey data from KPMG/REC shows private sector permanent vacancies in contraction.

Barclays Nowcast Sees Further Softening in UK Job Vacancies Through May 2026
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Key Points

  • Barclays' nowcast estimates 673,000 UK job vacancies for the three months ending May 2026, down from the model's previous three-month estimate of 713,000.
  • Single-month nowcast for May 2026 is 637,000 vacancies, a 9.9% decline from the model-implied April 2026 level of 707,000; single-month figures are not seasonally adjusted and are more volatile.
  • KPMG/REC Report on Jobs survey shows the permanent private sector vacancies index at 45.5 in May 2026, down 1.6 points from April and below the 50 threshold that indicates contraction.

Barclays' nowcast model produced a fresh estimate for the UK labour market today, projecting 673,000 job vacancies across the three months ending May 2026. That estimate implies a continued weakening in demand for labour compared with prior readings from the bank's model.

The 673,000 figure is 40,000 fewer vacancies than the model had implied for the December 2025 to February 2026 three-month span, when the model signalled 713,000 openings. It is also 48,000 below the actual count recorded for December through February, according to the data Barclays used in its analysis.

Barclays' nowcast synthesises high-frequency online vacancy data from providers LinkUP and Indeed. Both sources exhibited similar percentage declines over the recent period, a feature Barclays cites as consistent with the downward move in its headline three-month estimate.

Independent vacancy measures lend further weight to the softer picture. The KPMG/REC Report on Jobs survey showed the permanent private sector vacancies index falling by 1.6 points to 45.5 in May 2026 compared with April. By convention a reading below 50 is interpreted as a contraction in that index.

Beyond the three-month series, Barclays also publishes single-month nowcasts based on daily inputs. For May 2026 alone the bank's model nowcasts 637,000 vacancies. That single-month estimate is down 9.9% from the model-implied April 2026 level of 707,000 vacancies.

Barclays highlights that the single-month numbers are not seasonally adjusted and therefore display greater volatility than the three-month series. Nonetheless, the bank states that the May single-month nowcast is consistent with the easing trend observed in its headline three-month estimate.


Context and interpretation

The three-month nowcast decline to 673,000 and the May single-month estimate of 637,000 together indicate Barclays' model sees slackening in the UK vacancies picture in the latest period it covers. Both the online vacancy datasets used by the model and the KPMG/REC survey point in the same direction, reinforcing the assessment.

Risks

  • Single-month nowcasts are not seasonally adjusted and exhibit higher volatility than three-month series, which could complicate interpretation of short-term movements - this affects analysts and market participants relying on monthly signals.
  • Barclays' model depends on high-frequency datasets from LinkUP and Indeed; any divergence or data issues in those sources could alter the model's estimates and the resulting labour-market assessment.
  • The three-month nowcast sits 48,000 vacancies below the actual December-February figure, underscoring uncertainty in modelled estimates versus outturns and posing a risk to users seeking precise vacancy levels for planning.

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