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

No smoking gun in Epstein files: Trump briefed

Attorney General Pam Bondi briefed Trump and Deputy Attorney General Todd Blanche at the White House in May….reports Asian Lite News US President Donald Trump was informed earlier this year that his

Israel, US recall teams from Gaza truce talks

Steve Witkoff said mediators had made a great effort but “Hamas does not appear to be coordinated or acting in good faith”…reports Asian Lite News Israel and the United States recalled their

Trump presses Fed chief to cut rates

Fed chair pushes back on Trump criticism of renovation costs as president presses central bank to cut interest rates…reports Asian Lite News Donald Trump sparred with the Federal Reserve chair, Jerome Powell,

Dubai turns malls Into fitness zones

Dubai’s Mallathon reimagines shopping centres as fitness zones, encouraging residents of all ages to walk, run, and connect—fostering healthier habits in air-conditioned comfort….reports Asian Lite News In a bold move to blend

Riyadh welcomes Paris pivot to Palestine

Move stirs global response as Macron breaks G7 ranks; Israel and US condemn recognition bid amid Gaza war…reports Asian Lite News Saudi Arabia has welcomed French President Emmanuel Macron’s pledge to officially
Go toTop

Don't Miss

UK govt relaxes visa rules to attract construction workers

Net migration to Britain reached a record high of 606,000

Covid-19 hospitalisations up 24% in one week in UK

The concerning numbers come as the highly mutated Pirola reached