The monthly jobs report from KPMG and REC reveals that permanent job vacancies in the UK have declined at the fastest pace since August 2020, indicating significant hiring reluctance among firms.
Jon Holt, KPMG group chief executive, states: 'it's a muted one for the UK jobs market. The hiring market could continue to show signs of caution in the short term...'
The survey found wage inflation rising at its fastest pace since August 2024, signifying ongoing demand for workers, even amid a cautious hiring atmosphere.
Policymakers are closely observing how the increase in national insurance contributions will affect hiring and inflation, which could drive future economic decisions.
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