The slowdown in the jobs market has hit recruitment firm Hays, which saw fees dip 10% in the last quarter.
Those figures were worse in the UK and Ireland, down 17%, as employers marked time while waiting for clarity on costs and interest rates.
The figures are a political issue too, with Rishi Sunak hoping the jobs market remains strong in the run up to a general election expected in the second half of the year.
Rival firms have found life similarly tough just lately.
In the City, job cuts are now rife, with banks cutting jobs by the thousands, a blow to both sentiment and to the tax paid to the Treasury by high earning financiers.
In response the recruiter is looking to cut costs by £30 million over the year.
CEO Dirk Hahn said: "Overall market conditions became increasingly challenging through the quarter, including a clear slowdown in most markets in December, notably in our Perm businesses as client and candidate decision-making slowed."
This slowdown is far from limited to the UK. Fees are down 20% in Australia and New Zealand, down 11% in Asia and down 25% in America.
That at least suggests the UK isn’t faring worse than other jobs markets.
Nevertheless, investors took fright. Hays shares fell 12% to 95p, leaving the business valued at £1.5 billion.
Hays expects profits for the full year to be about £60 million, lower than the City was hoping. Hahn added: "Given increased uncertainties and reduced client and candidate confidence, our New Year 'return to work' is particularly important, and we are closely monitoring activity levels. It is too early to say if December's weakness reflects a sustained market slowdown or some placement deferrals, however, we expect near-term market conditions to remain challenging."
Sunak and co will be hoping the jobs slowdown is a short-term blip. Some workers fear their jobs are at risk from AI.
