Falling job vacancies may signal recession, recruiter warns

Published On Dec 15, 2024, 8:09 AM

Job vacancies in the UK are declining significantly, with a 13% fall reported from October to November, and a total decrease of 26% compared to the previous year. James Reed, CEO of Reed recruitment, warns this trend suggests a potential recession is approaching. The UK economy has contracted in recent months, notably in the service industries like restaurants and retail. Reed criticized the government’s recent tax increases on National Insurance, arguing it pressures businesses to reduce hiring and consider layoffs, while the government maintains that employment will grow in the next three years due to necessary tax reforms.