Shortage on the Dutch labor market seems to have reached its peak

The tightness on the Dutch labor market seems to have reached its peak, reported the benefits agency UWV on the basis of its labor shortage model. According to the UWV, the tension on the labor market eased slightly in the third quarter.

For example, the number of people on unemployment benefits continued to fall. Also, for the first time in a long while, the number of unfilled vacancies also decreased.

According to the UWV, this is the first time since the end of 2020 that the shortage has decreased. Tension on the labor market has increased for six consecutive quarters since the end of 2020. From the second quarter of 2021, the record was even broken five times in a row. This continuous increase came to an end in the third quarter of this year.

"Compared to the second quarter of 2022, the number of unfilled vacancies decreased by 5.8 percent, to 451,900 in total. Meanwhile, the number of people with unemployment benefit that elapsed no more than six months earlier continued to fall by 4.2 percent. For example, there were again fewer job seekers in the third quarter, but also fewer vacancies for the first time since the end of 2020," said UWV labor market advisor Frank Verduijn in a statement.

According to the UWV, workers and job seekers often still have a wide choice when it comes to finding a job or switching to a new job. This is due to the very labor market which is still very tight at the moment.