June 10, 2024
1 min read

UK job market on its way back after downturn

The REC survey has generally painted a weaker picture of the labour market than broader official data, which showed annual wage growth of 6 per cent in the first quarter of 2024…reports Asian Lite News

A fall in permanent hiring by employers in Britain was its least severe in more than a year in May and the recruitment market appears to be poised for a recovery, an industry survey showed on Monday.

In a report that will be studied by the Bank of England as it weighs up when to start cutting interest rates, the Recruitment and Employment Confederation said permanent hiring fell by the smallest amount in 14 months.

Billings for temporary staff dropped by the least since January.

“The jobs market looks like it’s on its way back, with clear improvements over last month on most key measures,” REC Chief Executive Neil Carberry said.

The REC survey has generally painted a weaker picture of the labour market than broader official data, which showed annual wage growth of 6 per cent in the first quarter of 2024.

Britain’s July 4 national election and the likelihood of interest rate cuts by the BoE later this year were likely to remove the hesitancy of employers about hiring, Carberry said.

“These numbers suggest that caution may be starting to abate,” he said.

REC said pay rates for permanent staff rose at a pace that was only slightly slower than April’s four-month high. Vacancies fell at the slowest pace in a seven-month downturn.

In a possible relief for the BoE, the availability of staff grew by the most since December 2020, boosted by a mix of redundancies, higher unemployment and the reduction in demand for staff.

The BoE is watching the labour market closely as it assesses when inflation pressure in the economy has abated sufficiently for it to cut borrowing costs for the first time since the start of the coronavirus pandemic more than four years ago.

ALSO READ-Minister Benny Gantz quits Netanyahu’s war cabinet

Previous Story

40 Leaders to Join Ukraine Peace Summit

Next Story

Pakistan’s Energy Crisis: Importing Electricity From Central Asia Amidst Blackouts

Latest from -Top News

Pakistan’s Double Game Spills into Bangladesh

Today, with free access to Bangladesh, the ISI has set up terror camps where scores of radicalised youth are being trained. …reports Asian Lite News Bangladesh, which is headed by the Jamaat-e-Islami

India, Oman Cement Defence Partnership

The officials of two nations also held talks on capability development, professional military education and new avenues for partnership…reports Asian Lite News The Indian Army and Royal Army of Oman held the

Jaishankar to Represent PM Modi at East Asia Summit

The East Asia Summit will provide an opportunity to deliberate on the challenges to peace, stability and prosperity in the Indo-Pacific region…reports Asian Lite News External Affairs Minister S. Jaishankar will attend

India drives education forward in Nepal

India donates 81 school buses to Nepal, bolsters education, disaster preparedness, and regional ties; parliamentary delegations engage on diplomacy, climate, AI, and humanitarian cooperation at IPU Assembly….reports Asian Lite News In a

Afghanistan clarifies ceasefire deal with Pakistan

Afghanistan and Pakistan formalise ceasefire prioritising dialogue, civilian protection, and regional stability; India upgrades Kabul mission and the Islamic Emirate seeks constructive engagement with global partners….reports Asian Lite News Afghanistan has formally
Go toTop

Don't Miss

NCP(SP) vows Rs 1 lakh/year dole to poor women, jobless youth

A like amount shall be given as a stipend to

Ireland Threatens Eurovision Boycott Over Israel

RTÉ joins growing European backlash as calls mount for organisers