"Recruitment site Adzuna reported vacancies fell by 2.1 per cent year-on-year in August, driven by softer demand and higher employment costs, including the National Living Wage and employer National Insurance contributions. The downturn has been most pronounced in London, the East of England and the South West, with nurses, teachers, doctors and hospitality workers among those hardest hit. Graduates face the bleakest outlook, with entry-level roles down by more than a third since January."
"The hiring slowdown comes alongside fresh warnings from the Confederation of British Industry (CBI), which said companies across the private sector expect activity to keep falling over the next three months. Alpesh Paleja, the CBI's deputy chief economist, urged the Chancellor not to repeat last year's approach of targeting firms with tax rises, warning that the business tax burden is already at a 25-year high."
"Economists warn the employment data points to a downturn. Simon French, chief economist at Panmure Liberum, cited the Sahm Rule - which signals recession when unemployment rises by at least half a percentage point in a year. With UK joblessness up from 4.1 to 4.7 per cent in 12 months, French said the increase was a "clear warning signal" for policymakers."
Britain's labour market is weakening as job vacancies fell 2.1% year-on-year in August, driven by softer demand and higher employment costs including the National Living Wage and employer National Insurance contributions. The downturn is most pronounced in London, the East of England and the South West and has hit nurses, teachers, doctors and hospitality workers hard. Entry-level roles for graduates have fallen by more than a third since January. Private-sector firms expect activity to keep falling, public sentiment about local high streets is gloomy, and rising unemployment has prompted economists to warn of elevated recession risk ahead of looming fiscal choices.
Read at Business Matters
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