The labour market below the line. Companies cautious about hiring

The NEI indicator fell in the fourth quarter of 2025 to 49 points, dropping below the equilibrium threshold for the first time. Despite stable economic growth, companies are approaching increases in employment ever more cautiously, focusing on efficiency and the optimisation of labour costs.

Gremi Personal analysts assess that this is not a sharp collapse, but a natural stabilisation of the labour market after a period of dynamic recruitment. The differences between industries are, however, clear — some sectors are still actively looking for workers, while others are clearly slowing down.

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