The UK’s jobs market is showing further signs of weakening as recruiters PageGroup, Hays and Robert Walters all said earnings fell in the last quarter as companies become more cautious about hiring new staff. PageGroup said full year profits are expected to be slightly below its previous forecast. Robert Walters, which concentrates on professional roles, said its revenues are down 13% as candidates become more cautious about moving to a new employer. All three recruiters reported that employers are increasingly choosing to take on temporary staff due to the uncertain outlook.
Meanwhile, KPMG and the Recruitment and Employment Confederation said wages for new hires and for temporary staff are rising at the slowest rate in more than two years. Recruitment firms reaped the benefit of employers competing for staff in the post-pandemic recovery. Shares in the UK’s listed recruiters comfortably outperformed in 2021 and parts of 2022 but they have struggled for much of this year.
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