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UK Job Vacancies Fall For First Time Since Global Financial Crisis

UK job vacancies declined for the first time since the global financial crisis in 2009 as the outbreak of coronavirus, or COVID-19, had a detrimental impact on the labor market, the latest Report on Jobs from IHS Markit showed on Wednesday.

According to Recruitment & Employment Confederation/KPMG report, permanent staff vacancies fell at a quicker pace than temporary job openings in March.

Permanent staff placements declined at the sharpest rate since February 2009 as firms either canceled or postponed their hiring decisions. Temp billings were also hit.

There was a mild drop in candidate availability in March. Permanent staff supply fell at the softest pace since June 2013, while temp candidate numbers expanded at the quickest rate since July 2012.

Data showed slower increases in permanent and temp pay as increasingly uncertain outlook and reduced demand for staff weighed on pay growth.

"Unsurprisingly, COVID-19 has already impacted the UK jobs market with recruitment activity falling away as uncertainty grips the nation," James Stewart, vice chair at KPMG, said.

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