UK companies hit the brakes on hiring for the second straight month, as job postings tanked by over 14 percent between October and November, according to the Recruitment and Employment Confederation. The drop is pretty wild considering retail and hospitality usually ramp up before the holidays, but businesses basically froze their hiring plans while waiting to see what the budget would bring and how the Employment Rights Bill would shake out. REC chief Neil Carberry said the budget turned out less brutal than expected, and the government dialed back some of the employment bill stuff, which might help things bounce back.
The overall economy shrank a bit, and unemployment is creeping up toward levels not seen since early 2021. Retail and hospitality got slammed the hardest with job postings down around 14 percent and 10 percent, respectively, which makes sense since they are already getting crushed by higher costs from national insurance hikes. The Bank of England is watching all this closely since the ratio of unemployed people to open jobs has been climbing steadily.
The overall economy shrank a bit, and unemployment is creeping up toward levels not seen since early 2021. Retail and hospitality got slammed the hardest with job postings down around 14 percent and 10 percent, respectively, which makes sense since they are already getting crushed by higher costs from national insurance hikes. The Bank of England is watching all this closely since the ratio of unemployed people to open jobs has been climbing steadily.
