At least this is the implication of Morgan McKinley's new figures out today.
The recruiter, which mostly operates in the middle and back office, thinks there were 4,095 jobs available in London in August. Five years ago, in August 2006, it thought there were 9,639.
In the accompanying press release, Andrew Evans, chief operations officer at Morgan McKinley, talks of a, "perfect storm" but points out encouragingly that it's still only taking 58 days for most people to find a new job.
In the event that hiring doesn't stage a helpful resurgence sometime soon, recruiters and headhunters may yet find themselves surplus to requirement.
The head of one executive search firm in Europe says it's not happening yet though. "There tends to be a lag with recruiter redundancies," he points out.