Job offers for British graduates have been at their lowest level since 2018, because employers are hiring and seek to reduce costs using AI, according to new data.
Indeed, the job search site, said that the number of roles announced for recent graduates was 33% lower than that a year ago, and fell 12% in share of all job offers.
The wider labor market has continued to weaken Since changes in the tax and minimum wage introduced in April increased employment costs. Indeed, the figures for global employment assignments in mid-June were 5% lower than those at the end of March.
This makes the United Kingdom an aberrant value compared to American and European peers, indeed, because it is now the only economy with less job opening available than before the pandemic.
The figures are likely to strengthen concerns among British decision -makers that the job market could be on the verge of net slowdown, rather than the progressive softening that the Bank of England awaits and thinks that it is necessary to relieve the pressures of wages and bring inflation to the target.
Dave Ramsden, a vice -governor of the BOE, said on Tuesday at an event in London that he had voted to reduce interest rates last week – dissident of the majority decision of Leave them unchanged – due to the “cumulative evidence of a design of the continuation of materials on the job market”.
So far, this has been a progressive process, he said, but it has underlined an increase in online research “redundancy” and a drop in the unemployed rate finding work as potential alert signs of “more substantial weakening”.
Indeed, the figures show that job offers are now 21% below their pre -countryic base – which Ramsden qualified the moment when the job market was “largely in balance”.
Jack Kennedy, an economist at Ivel's Hiring Lab, said that the figures still indicate a “progressive softening rather than a nose” on the overall labor market, unlike dark predictions at the start of the year on the impact of tax and minimum wage changes.
But anyone looking for their first job has been faced with a difficult environment, he added, employers showing “a reluctance to hire new employees and a tendency to cling to existing employees”.
Kennedy said that the figures had also raised the question of how far employers now accelerate the use of AI to perform tasks that had already been given to entry -level workers – with an increase in labor costs stimulating them to explore means to automate these start of career roles.
Although April's policy changes are reaching the low -wages sectors such as retail and hospitality, the deepest crisis in hiring has been in professional occupations, Kennedy said.
Indeed, the figures show that job offers are now 27% below their pre-countryic level in human resources and project management; 37% lower in marketing and 48% lower in the media and communications.
