Personnel Today are running with an article comparing the slump in jobs between the US and the UK. It shows that we're following the same pattern as the US only three months later. The good news is that things are settling in the US and fewer employers cut jobs in the last quarter there. Does that mean it'll all be over be Easter.
Probably not. While reports like this are useful to give a generalised view of the market there's so much variation across the market that there's no road map for everyone. Some industries such as power generation haven't slowed at all. While others such as automotive probably aren't going to recover in the UK to anything like where they once were. Even the same sector I'm speaking to recruiters who are having really busy quarters while others are having their worst quarter ever.
The reality is that it might not be bad as we thought but individual mileage may vary.