UK Job Vacancies Fall by Most in Three Years in Sign Labor Market Is Cooling [BNN Bloomberg (Canada)]
ABRDN PLC UNSP ADR (SLFPY)
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Source: BNN Bloomberg
Figures in latest Job Market Report published by online portal Adzuna showed advertised vacancies declined 6.95% in December, the largest drop since June 2020. Early data suggests January will see a similar sized fall, marking what could be the start of difficult year for jobseekers, Adzuna said. The shift may ease upward pressure on wages that's been a symptom of persistent inflationary pressures the Bank of England is trying to rein in. The central bank is concerned that average earnings are rising too quickly for inflation to return sustainably to the 2% target. “Hiring is clearly slowing down but worryingly this data also suggests that there's been little if any rebound in activity in the new year,” said Tony Wilson, director at the Institute for Employment Studies. “Ordinarily, we would expect quite a strong bounce back in recruitment after Christmas, but the fact that this hasn't happened this year suggests that a lot of firms are holding back given wider uncertainty in t
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