The number of permanent jobs being filled grew at its slowest rate for 18 months, stoking fears of an unemployment rise.
Although the absolute number grew, the pace of growth in November showed a drop off and could turn negative.
The Recruitment and Employment Confederation (REC) and KPMG Report on Jobs was more positive on temporary jobs and wage growth, although lower quality work including temping is one of the problems facing the Chancellor as he wonders why his income tax take is so much lower than expected.
Bernard Brown, Partner and Head of Business Services at KPMG, said:
“Not much sign of a happy Christmas in the job market. The rate at which permanent contracts are being signed is rising at the slowest rate in 18 months.
“This follows an unexpected fall in investment in the UK in Q3.
“With political uncertainty in the UK, and in particular the country's position on Europe, could this be the start of a negative trend in the jobs market?"
The number of jobs in the UK has been growing consistently, but skills shortages in some areas, particularly science, engineering and construction, may be capping further expansion.
The coalition's crackdown on immigration could be a factor here as those with skills are no longer allowed entry to the UK to work.
Their anti-Europe rhetoric, and the possibility of a referendum leading to a British exit from the EU, could also be putting potential workers off.