UK Job Placements Fall At Slowest Pace In More Than A Year: KPMG/REC Report
09 Junio 2024 - 11:10PM
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UK permanent staff appointments fell for the twentieth
consecutive month in May but the pace of decrease was the softest
since March 2023, a report compiled by S&P Global showed on
Monday.
Recruitment consultants cited delayed decision making and a lack
of demand amongst companies as reasons for the fall in recruitment
activity, the KPMG/REC Report on Jobs revealed.
Temp billings also decreased in May, with the decline the
weakest since January. Further, data showed that starting pay for
candidates increased in May amid reports of a competitive market
landscape, alongside evidence of a ripple impact on base pay rates
following increases in the national minimum and living wages.
Nonetheless, both permanent and temporary staff pay grew at a
slightly slower pace than seen in April.
Demand for staff dropped for the seven straight months in May.
The latest fall was exclusively led by permanent workers as temp
staff demand was unchanged in the survey period.
Further, there was another steep increase in staff availability
in May. The rate of growth was the sharpest since December
2020.
Redundancies, higher unemployment and reduced demand for staff
led to the broad rise in candidate availability.
"We know our labour market is resilient," Jon Holt, Chief
Executive and Senior Partner of KPMG in the UK, said.
"The big picture is that unemployment is historically low with
the ease of filling vacancies back to pre-pandemic levels," Holt
said.
Taken together with today's data and expected interest rate
cuts, inflation easing and increased consumer confidence over the
summer, Holt sees a better economic outlook for the second half of
2024.
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