Vacancies down 17% as the labour market weakens. That sounds grim and depressing, doesn't it? However, it's not all doom and gloom.
The first half of 2025 has been challenging in what I can only describe as a weird market. You can't predict or plan for anything! When I'm out networking, it's the first question everyone asks.
Here's what's happening in our market right now:
- Job vacancies fell by 150,000 (16.9%) compared to last year, now 7.4% below pre-pandemic levels
- Payrolled employees dropped by 274,000, with retail and hospitality hit hardest (down 200,000)
- Unemployment rose to 4.6% - the highest in nearly four years
- Many roles are on hold due to economic uncertainty - we even had an accepted offer pulled last week
- Geopolitical uncertainty, particularly from the USA, is impacting confidence
- Candidates with 2+ years in their roles are nervous about moving
- Those facing redundancy have expectations misaligned with current market realities
- Some businesses still think they can get 100% of their wishlist - YOU CAN'T - COMPROMISE IS ESSENTIAL
The good news? May picked up for us, June felt normal again, and July looks promising.
If you're recruiting, don't delay - we can help. If you're job hunting, put your head above the parapet. We'll always be honest and transparent about your prospects.
Don't let the doom and gloom get you down!