US election, geopolitics and UK budget fears dent global vacancies, survey shows
2024.10.21 20:14
LONDON (Reuters) – Global employers reported a fall in white-collar vacancies in September, a survey showed on Tuesday citing factors including the upcoming election in the United States, uncertainty around tax rises in Britain and rising geopolitical tensions.
Recruitment consultancy Robert Walters’ new monthly Global Jobs Index showed global vacancies dropped by 5% last month from August.
Companies in Singapore, the United States, Britain, Australia, and Germany reported the biggest falls in vacancies, with firms citing low business confidence as a key factor.
In some European countries which typically experience a seasonal jump in vacancies in September, firms reported a more muted increase than in previous years.
“September’s decline in professional job roles globally is a departure from the usual surge of hiring activity we expect at this time of year, and is a direct reflection of the geopolitical tensions, economic outlooks, and industry-specific issues on the global jobs market,” said Toby Fowlston, chief executive of global talent solutions business at Robert Walters.
The survey was based responses from 500 firms across professional sectors including health, real estate and construction, and energy and utilities.
Fowlston said US firms were putting the brakes on hiring ahead of the Nov. 4 elections and potential policy shifts.
Official data showed the US labour market added 254,000 jobs in September, the most since March.
“The UK is experiencing increased uncertainty as businesses hold back on hiring in anticipation of the government’s budget announcement,” Fowlston added.
Britain’s new Labour government will deliver its inaugural budget on Oct. 30 and finance minister Rachel Reeves has warned that some taxes will go up to plug what she called a 22 billion-pound ($28.64 billion) fiscal hole.
Government sources have said Reeves is looking for tax rises and spending cuts to the tune of 40 billion pounds.
The survey showed that on a quarterly basis, vacancies were 19% higher in the July-September period compared to the three months before.
($1 = 0.7682 pounds)
