Fears over the slowing UK economy helped pull the shares of recruitment firm Michael Page to a four-month low.

The firm’s shares fell yesterday 7.5p to 184.5p, while FTSE 250 rival Hays also fared badly, with its shares falling 1p to 124.5p.

The drops follow gloomy predictions for quoted recruitment companies from investment bank CSFB.

The broker told clients that investors should be selling in both FTSE 250 firms because “One has to sell while the going is good”.

The advice came after reports of the lowest level of retail sales since 1992 and 7,000 manufacturing job losses in the last month.