A shifting graduate labour market is not unusual, said Kirsten Barnes, head of digital platform at Bright Network, which connects graduates and young professionals to employers. "Any shifts in the graduate job market this year – which typically fluctuates by 10-15% – appear to be driven by a combination of factors, including wider economic conditions and the usual fluctuations in business demand, rather than a direct impact from AI alone. We're not seeing a consistent trend across specific sectors," she said. Claire Tyler, head of insights at the Institute for Student Employers (ISE), which represents major graduate employers, said that among companies recruiting fewer graduates "none of them have said it's down to AI". Some recruitment specialists cited the recent increase in employer national insurance contributions as a factor in slowing down entry-level recruitment.

The workforce crisis is looming, a situation that could hit the global economy to the tune of $10 trillion, according to some studies. The crux of the problem relates to a mismatch between supply and demand, with some economies facing a workforce shortage and others a surplus. "An equilibrium in supply and demand is rapidly becoming the exception, not the norm," a report from the Boston Consulting Group (BCG) noted. "Between 2020 and 2030, we project significant worldwide labor-force imbalances -- shortfalls, in particular. One significant implication is the potential aggregate value of GDP squandered, because either these nations cannot fill the jobs available or they cannot create enough jobs for the workers they have."