Average advertised salaries in July in the UK have fallen to a three-year low of £32,199, according to Adzuna.

The current average salary also represents a 1.5% annual decrease from the £32,688 posted in July 2016. Regionally, South East England has endured the slowest pace of wage growth as salaries have fallen by 3.3% behind last year’s figures, residing at £30,683.  In contrast, salaries in Northern Ireland are facing an uptick of 2.3% from last year to currently sit at £29,690. Adzuna adds that the strain on incomes is expected to get worse before it gets better as the cost of living is rising at a faster rate than wage growth, but positive improvements in some regions hint at potential signs of recuperation.

“As the cost of living is growing at a rate faster than wage growth, a sensible financial attitude is key,” Doug Monro, co-founder of Adzuna, said. “With advertised salaries so stagnant, those already in employment may be best served remaining in their existing roles and seeing if they can improve their wage that way. While the current climate is slightly gloomy, looking ahead will help maintain optimism as the UK could be on the verge of economic prosperity if the appropriate Brexit strategy is implemented, in which case it will be brighter later.”

Meanwhile, job vacancies saw a 6.6% annual increase in July meaning there are 1,231,552 currently available openings.  Data from Adzuna also revealed that graduate salaries are up 3.6% from a year ago to sit at £24,454. Furthermore, hospitality vacancies are also up by more than a fifth from July 2016, with the popularity of staycation holidays soaring since the Brexit vote. Adzuna added that the future of the hospitality industry lies in the hands of the flow of skilled labour from Europe.

“The hospitality sector is a prime example of the importance of a clear-cut pro-migration strategy in order for the UK labour market to thrive,” Monro said. “The skilled labour force from the EU has contributed and enhanced our talent pool in the UK to deliver good customer service. In busy time periods especially, it is evident to see the fruits of their labour as people of all ages rely on such services during their leisure time.”