The UK labor market continued to deteriorate to start the new year. The S&P UK Report on Jobs found a worsening in hiring demand for both temporary and full-time positions.

• Vacancies declined to the greatest degree since August 2020.
• Permanent jobs declined at a rate similar to the 16-month record pace in December.
• Temp worker employment fell at the sharpest pace since the survey began recording this category in June 2020.
• Permanent pay inflation softened and remained below the long-term average.