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Research by the Markit Economics found that the number of permanent jobs available to people in the UK has declined at the fastest rate since records began 11 years ago.
Mike Stevens of KPMG, one of the report's sponsors, said the UK jobs market was heading downhill at "breakneck speed".
He commented: "Employers in almost all sectors have drastically cut recruitment plans and are shedding contract and temporary staff as fast as they can."
According to the BBC, the only sectors that have so far avoided the downturn are nursing and medical care.
The findings of the report come shortly after the ailing banking giant Credit Suisse announced it is to axe 650 jobs in the UK.
