Job Market Cools as Costs Rise and Vacancies Drop

Vacancies are dropping from last year's peak as costs rise for employers. The job market has weakened in recent months.

White-collar roles like banking and tech are seeing the most impact so far, with hiring freezes and redundancies. Hospitality and transport less affected for now.

Recruiters expect the downturn to continue into 2023. Higher interest rates will spread the pain further.

Minimum wage increases will put more pressure on sectors like hospitality and retail, potentially causing job losses.

Young people and those seeking entry-level roles may struggle most to find work as competition for fewer jobs increases.