UK is a weird one.
As well as unemployment, people struggling with CoL, you have a dire shortage of labour, in so many industries - healthcare, transportation, retail, hospitality, childcare&teaching and surely others. In particular, that seems to suggest that at the same time you have people and companies who can't find jobs / employees.
Entry level postings being down could mean it's getting more squeezed still, or could mean people are giving up on hiring for these unfillable posts. Or something else still.
Either way it's a basket case.