UK jobs data comment – Aude Barral, co-founder and CCO of the tech recruitment platform CodinGam

Aude Barral, co-founder and CCO of the tech recruitment platform CodinGame, commented:

“The job creation boom is fizzling fast. The number of job vacancies has now fallen for two months in a row as many employers rethink their hiring plans.

“And who can blame them – with GDP growth slowing to a crawl in July and rising interest rates sucking money out of the economy, Britain’s recessionary clouds are getting darker, and fast.

“But even though business confidence is shrinking and managers are having to think carefully about each additional hire they make, on the whole the labour market is holding up remarkably well.

“There is still around one vacancy for every person out of work. And this tightness in the jobs market continues to push up average wages as thousands of employers fight a battle for talent.

“Despite the flatlining economy, in some sectors the competition for skilled staff remains so intense that many employers are finding that simply offering more money will no longer cut it.

“People with highly in-demand skills and expertise – particularly computer coders and software developers – are still finding that it’s a jobseeker’s market, with employers offering a range of generous perks and benefits in a bid to attract the best candidates.”