Tightening Labour Market: This means that unemployment is falling and there are few job vacancies available. The decline in job vacancies tends to push up wages as firms find it more difficult to recruit workers. Tightening Labor Market

I read this article and I am not sure why the decline in job vacancies tends to push up wages.
Maybe I do not understand the decline's meaning here.
I looked for it in dictionaries and it says

A gradual and continuous loss of strength, numbers, quality, or value. (Oxford Dictionary)

Does 'the decline' here mean 'a contiunous loss of value? or 'a loss of quantity'? I think from the context, the meaning would be 'a loss of value'.
But the first sentence says "there are few job vacancies" and it means there is a small number of job openings, right?

I am confused. Please help me.

(+) I read this definition too so I thought tightening labor market has more jobs than job seekers. That's why I am confused:

labor market definition:
An area of economic exchange in which workers seek jobs and employers seek workers. A “tight” labor market has more jobs than workers. In a “slack” labor market, the reverse is true. (The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Company.) Labor Market definition


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    $\begingroup$ This is less a question for this site and more one for Economics. The issue concerns 'laws' of supply and demand. Classic economic or financial asset pricing theory suggests that, holding demand constant or steady, as supply (labor in your query) tightens, the increasing scarcity or competition for resources drives up prices (wages in your query) . This is a simple deterministic model that holds for many economic phenomena...but not all. $\endgroup$ – DJohnson Mar 18 '18 at 13:28
  • $\begingroup$ @DJohnson Ok. I know the basic theory, but I would like to know "decline" in this context means the decrease in quantity or in value of job vacancies. Thank you. Should I delete this post? If so I will delete. $\endgroup$ – Mango Gummy Mar 18 '18 at 13:31
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    $\begingroup$ The 'decline' means decreasing numbers. There are fewer jobs being advertised. There are also fewer unemployed. Demand is lower and supply is lower, hence a 'tight' market, thus more competition for both suppliers of jobs and seekers of jobs. $\endgroup$ – Nigel J Mar 18 '18 at 13:38
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    $\begingroup$ At best, it's poorly worded. I'd say it's outright wrong. $\endgroup$ – Hot Licks Mar 18 '18 at 13:48
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    $\begingroup$ @MangoGummy - The error is in using "decline in job vacancies" to describe "tightening labor market". In general, with a "tight labor market", job vacancies will increase. Probably someone carelessly used "decline in job vacancies" when "decline in unemployment" was intended. $\endgroup$ – Hot Licks Mar 18 '18 at 13:57

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