Brexit - 1 week in and the results are painful
So after the 1st full week post Brexit and people are saying don't panic. The fluctuations in the market are just temporary etc etc. Keep calm and Britain will sail serenely through these temporary choppy waters.
Maybe, maybe not but the reality is that we are able to track movements in the employment market very closely and such movements are usually a good harbinger for what direction the economy is moving in. Each week our software tracks the numbers of jobs added in by country which allows us to get a good idea which country is doing well (put money into marketing in that country) and which is not doing well (don't put money into that one), so no prizes for guessing which country has seen a substantial decline in the number of weekly jobs added last week. Yup.......Britain.
Actually the numbers are really not good. Compared with our long run averages we estimate the number of jobs added into iKrut from our UK based clients has dropped 62% in the week immediately after the Brexit vote. Now there are always fluctuations and new clients coming on board affect the figures somewhat but with these adjusted in, that's a scarily big drop off and can only be explained by companies suddenly freezing hiring until the situation becomes clearer. Thankfully the numbers from the other countries we have clients in appear to have been totally unaffected but the numbers for Britain suggest storm clouds are gathering. We'll post on here in a months time to see whether this was just a short term blip or the start of a longer term downturn in the hiring market.