Recent business surveys indicate a slowdown in hiring within the UK, with KPMG and the REC reporting a decrease in job placements for both permanent and temporary roles. The labor market's weakening sign is complemented by rising unemployment and falling business optimism. As firms brace for increased labor costs in April, including a substantial rise in national insurance contributions, the overall pay pressures have diminished. Although there are indications of potential improvement in the labor market, firms remain cautious amid economic uncertainty.
Companies are holding back on hiring due to a diminished economic outlook and increasing wage obligations, leading to a significant downturn in the UK labor market.
The KPMG and REC report indicated a notable drop in job placements while rising unemployment highlights a steady increase in jobseekers, pressuring overall pay growth.
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