The hiring frenzy that has gripped developed economies since the pandemic is starting to ease, as employers worry about rising costs, falling demand and a darkening economic outlook.
On both sides of the Atlantic, unemployment rates remain low. But data published in the past week suggest vacancies are falling from historically high levels and companies are becoming more cautious about taking on staff.
If it persists, this combination is good news for central bankers, who are keen to cool wage growth in their battle with high inflation, without triggering a surge in unemployment.
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