UK: Jobs market may be starting to cool as new hiring falls

New jobless claims in the US were lower than expected, but there are signs that labour markets there and in the UK are starting to cool. The number of people hired in the UK fell for the third month in a row, according to the Recruitment & Employment Confederation, which also reported that starting salaries increased at the slowest rate in almost two years. The Office for National Statistics reported that the number of online job adverts dropped in early January (usually a busy month for recruitment) and the number of vacancies is around 16% lower than the same period last year.

Recruitment firms Robert Walters and Page Group both reported significant slowdowns in their earnings in the last quarter of 2022. Robert Walters said it was particularly affected by a drop in recruitment among US tech firm as it warned profits will be lower than expected. Page Group also reduced its forecast for profits as it reported fewer candidates for advertised positions as well as companies cutting back on their recruitment plans.

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