07.12.2023

Job numbers decline as firms respond to economic uncertainty

The number of new jobs being posted has declined dramatically over the past year as firms rein in their hiring plans in light of ongoing economic uncertainty. That’s according to the latest data from the world’s largest network of job boards, Broadbean Technology.

The firm’s latest data shows that the number of new roles has fallen by 22% year-on-year, with employers reluctant to increase headcount as a result of ongoing economic challenges. Despite the slowdown in hiring, skills shortages are still impacting firms, with the number of new applications for jobs also down 20% year-on-year.

This latest news comes at a time when the Office for National Statistics (ONS) has lowered previous unemployment rates as it reviews the data from its Labour Force Survey. With these figures showing a larger decline in unemployment levels than previously thought, Broadbean has warned that skills shortages will remain a challenge despite the slowdown in hiring.

Alex Fourlis, Managing Director of Broadbean Technology, commented: “The data clearly shows that firms are reining in their hiring which, perhaps given the current climate is unsurprising. However, the recent fall in applications during this period should be a concern for employers, particularly those looking to take on staff on short-term contracts to help them cover the busy holiday period in the next few weeks. Our data suggests that fewer people are applying for roles and, with Christmas approaching, many organisations may struggle to secure the skills they need in time.”

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