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☆ UK employers curb hiring at fastest rate in over 3 years: REC
▼ + stars: | 2023-09-07 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Workers walk through the Canary Wharf financial district, ahead of a Bank of England decision on interest rate changes, in London, Britain, August 3, 2023. REC also reported that starting salaries rose at the joint-slowest pace since March 2021, although this was still a large increase by historic standards. A BoE survey on Thursday showed employers expect to raise wages by 5% over the coming year, above the 3-4% rate typical before the pandemic, when inflation stayed close to target. REC said there were "widespread reports" from its members that the pool of jobseekers had been swollen by increased redundancies. The REC surveyed around 400 recruitment agencies between Aug. 10 and Aug. 24.

Persons: Toby Melville, Neil Carberry, BoE, BoE Governor Andrew Bailey, jobseekers, David Milliken, Frances Kerry Organizations: Bank of, REUTERS, Confederation, REC, Bank of England, Thomson Locations: Bank of England, London, Britain

☆ UK hiring falls at fastest pace in over three years, wage growth slows
▼ + stars: | 2023-08-06 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Workers travel through London Bridge rail and underground station during the morning rush hour in London, Britain, September 8, 2021. A gauge of permanent staff hiring by the Recruitment and Employment Confederation and accountants KPMG fell to 42.4, the lowest since the 34.3 in June 2020 when the country was in lockdown due to the COVID-19 pandemic. While starting pay for new permanent staff rose sharply by pre-pandemic standards, the rate of wage growth was the lowest since April 2021, REC said. Official data showed unemployment rose to 4% in the three months to May, a 16-month high, although annual wage growth remained at a record high of 7.3% in cash terms. REC said the availability of both temporary and permanent workers to fill jobs hit the highest since December 2020.

Persons: Toby Melville, Neil Carberry, Claire Warnes, Suban Abdulla, David Milliken Organizations: REUTERS, KPMG, REC, Bank of England, BDO, Thomson Locations: London, Britain

☆ 'Reality bites': High inflation and rates hit UK consumer confidence
▼ + stars: | 2023-07-20 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Market research firm GfK's headline gauge of consumer confidence fell to -30 this month from -24 in June, the first decline since January, and below the -26 forecast in a Reuters poll of economists. The fall was the biggest month-on-month drop in GfK's confidence measure since March to April 2022 when inflation accelerated after Russia's invasion of Ukraine. Staton said the recent slowdown in inflation will do little to improve consumer confidence. The Bank of England has increased interest rates at 13 meetings in a row since the end of 2021, raising its Bank Rate to 5% in June. The resilience of consumer confidence in the first half of this year was helped by low levels of unemployment and separate data published on Friday showed employers still seeking to hire.

Persons: Joe Staton, Staton, " Staton, Neil Carberry, Suban Abdulla, William Schomberg Organizations: Bank of, Confederation, Thomson Locations: Ukraine, Bank of England

☆ UK jobs market cools again, pay growth weakest since April 2021: REC
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +2 min

The Recruitment and Employment Confederation (REC) and accountants KPMG said increases in starting salaries for permanent and temporary staff were the weakest since April 2021. The BoE, which has raised interest rates 13 times since late 2021 in an attempt to tame the highest inflation rate among the world's big rich economies, has said it expects pay growth to weaken, easing price pressures. The monthly REC survey showed the availability of staff rose for the fourth month in a row to 57.6 from 55.6 in May, the steepest month-on-month increase since November 2009 excluding the coronavirus pandemic period. REC said uncertainty over the economic outlook weighed on hiring decisions in June. Vacancies ticked up further in June although the pace of growth was the weakest since records started in March 2021.

Persons: BoE, Neil Carberry, REC's, Claire Warnes, Suban Abdulla, William Schomberg Organizations: Bank of England's, Confederation, KPMG, REC, Thomson

☆ UK firms cut hiring of permanent staff, recruiters' survey shows
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 10 (Reuters) - British firms reduced hiring of permanent staff via recruitment agencies at the fastest pace in more than two years, a survey showed on Wednesday, a day before the Bank of England announces its latest move to tackle inflation pressure. The Recruitment and Employment Confederation/KPMG said temporary hiring - which often increases when employers are uncertain about the economic outlook - rose at the fastest pace in seven months. "After a better month in March, in April we saw permanent hiring fall back quickly and businesses turn to temps to help them through. The REC survey showed staff availability increased for the second month in a row in April as some companies laid off workers and people sought better-paid work to help cope with an inflation rate that remained above 10% in March. Most investors and economists expect the BoE to increase Bank Rate for the 12th meeting in a row on Thursday.

☆ UK recruiters slow pace of pay growth in March, REC survey shows
▼ + stars: | 2023-04-12 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, April 12 (Reuters) - Britain's labour market showed signs of a slowing in the sharp pace of pay growth in March and a shortage of candidates eased for the first time in two years, according to a survey of recruiters published on Wednesday. The Recruitment and Employment Confederation/KPMG said increases in starting salaries for permanent staff were the second-weakest in nearly two years, but remained high in historical terms. Billings for temporary workers, which often increase when employers are cautious about the outlook, rose at the fastest pace in six months. "The continuing fast rate of pay growth is likely reflective of the impact of inflation on wage offers, as well as low labour supply," Carberry said. Vacancies ticked up further in March although the pace of growth eased slightly from a four-month high in February.

☆ UK jobs market softens again in December - REC
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

The survey, watched closely by the BoE, also showed an easing in wage pressures. "A slowdown in permanent placements is not unusual in December, but this one comes as part of a wider softening trend in the permanent market," said REC chief executive Neil Carberry. "Recruiters tell us that this was enhanced by firms pushing hiring activity back into January in the face of high inflation and economic uncertainty." Britain's economy looks set to contract in 2023, according to most economists polled by Reuters, and business surveys show cooling price pressures. The REC survey showed placements of permanent staff contracted at the fastest rate since January 2021.

☆ UK labour market loses more momentum in November: REC survey
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 8 (Reuters) - Britain's labour market cooled noticeably last month, with demand for staff and pay growth easing, and staff shortages became less acute, a survey showed on Thursday. Hiring of permanent staff declined for a second month running. The survey, watched closely by the Bank of England as leading indicator of the labour market ahead of its interest rate decision next week, matched other signs that the economy is slowing. "A flatter period in the labour market is inevitable in this current economic climate, but demand is being supported by some major underlying factors, including labour shortages and technological change," he added. Last month BoE Governor Andrew Bailey said Britain's "very tight" labour market was a key reason why further interest rate increases were likely.

☆ UK hiring falls as political upheaval adds to employers' worries
▼ + stars: | 2022-11-10 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

REUTERS/Toby MelvilleLONDON, Nov 10 (Reuters) - British employers cut their hiring of permanent staff via recruitment firms for the first time in nearly two years in October as the country's political upheaval added to concerns about the economy, a survey showed on Thursday. Hiring of temporary workers stagnated and wage growth for permanent new staff was its weakest in a year and a half. But permanent staff availability remained an acute problem for employers with workers less likely to switch roles or seek new jobs, REC said. Starting salaries increased at the slowest pace in 18 months and temporary pay growth was the weakest since May 2021. The REC survey was conducted between Oct. 12 and Oct. 25, a period that included the date of Truss announcing that she would resign as prime minister on Oct. 20.

☆ Half a million UK workers drop out of workforce, citing long-term illness
▼ + stars: | 2022-11-10 | by ( Suban Abdulla | ) www.reuters.com time to read: +3 min

The increase in long-term sickness started in 2019, before the pandemic, before rising sharply by 363,000 between early 2020 and the three months to the end of August 2022 to reach 2.5 million, it said. The BoE is concerned that the number of people leaving Britain's workforce will fuel inflationary pressures and the latest labour market data pointed to a record workforce exodus. Long-term sickness was the reason given by 28% of people who were neither working nor looking for work between June and August 2022, up from 25% at the start of the pandemic. However, most people who now cite long-term sickness as their reason for not being in work or looking for a job originally dropped out of the labour market for another reason. A combination of factors including a rise in people taking early retirement, long-term illness and lower migration are depleting Britain's workforce, according to the Institute for Employment Studies (IES) which analysed the data.

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