Job advertisements dropped in July, signalling that a "summer slowdown" will strike the º£½ÇÊÓƵ economy and challenge Chancellor Rachel Reeves' pledge to increase British employment levels.
Information from the Recruitment and Employment Confederation (REC) and analytics firm Lightcast revealed a 9.2 per cent fall in fresh job advertisements during the previous month when measured against June, as reported by .
Fresh job listings were also markedly reduced annually, with an 11 per cent drop nationwide reflecting employers' concerns about additional taxation and bureaucracy affecting their operations.
Total job advertisements rose marginally month-on-month, indicating that companies are adopting a cautious approach when recruiting staff.
Employment advertisement decline reflects concerns
The figures highlight the ongoing influence of Rachel Reeves' previous Autumn Budget on enterprises, as business leaders have attributed the jobs market deterioration to the Chancellor's £20bn employment levy assault.
Analysis also indicated approximately 1.5m positions remained available nationally, based on examination of "tens of thousands of job boards."
Northern Ireland saw the steepest drop in fresh job listings, with roughly a 40 per cent year-on-year reduction.
Neil Carberry, REC chief executive, stated there was a "need for action" in this year's Autumn Budget to address the employment market stagnation experienced over the past two years. "Despite a long slowdown driven by uncertainty and rising costs, the British labour market is still creating lots of opportunities," stated Carberry.
"Recruiters tell us that firms entered the summer break with a little more positivity than they had earlier in the year, so there is some hope of a bounce once the summer slowdown is over.
"The fear of further costs, worries about the impact of the Employment Rights Bill and new tax rules are all on employers' minds. ".
"If ministers want growth, they must deliver stability and backing for businesses, by moderating policy costs, reforming skills funding and putting the workforce at the heart of economic strategy."
Keir Starmer expressed gratitude to business leaders for bearing the tax burden at a conference in June, but industry groups are now calling on the government not to impose additional costs.
The Chancellor is widely anticipated to raise at least £20bn in taxes if she intends to adhere to her fiscal rules.
Some economists have advised her to create a larger buffer to "build credibility" with bond markets.
