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

Minister Benny Gantz quits Netanyahu’s war cabinet

Next Story

China Promoting Fake Anti-India Sikh Protests In The West

Latest from -Top News

Fragile Peace in Sweida Gains Regional Support

Jordan, Syria, U.S. discuss Syria’s Sweida ceasefire in Amman as more Israeli Druze cross border to Syria to fuel tensions Jordanian Foreign Minister Ayman Safadi, Syrian foreign affairs chief Asaad Al-Shaibani, and

The illusion of normalcy in Israel

As people are trying to heal from the scars of war and resume their everyday lives, for those of us living in Israel, normalcy feels like an illusion — fleeting, easily shattered

Britain’s Afghan conundrum

British reluctance to call Afghan helpers “collaborators” and questions over their commitment to protect them from Taliban retaliation have raised serious questions, writes Mihir Bose The debate about the data leak by

US terror tag on TRF exposes Pak proxy network

In a significant diplomatic victory for India and a sharp rebuke to Pakistan’s decades-old terror strategy, the United States has officially designated The Resistance Front (TRF) as a Foreign Terrorist Organisation (FTO)
Go toTop

Don't Miss

Boris recommits to securing UK-India trade deal by Oct

India’s recently signed economic and trade agreement with Australia has

It’s Atithi Devo Bhava in India: UK Envoy

UK Prime Minister Rishi Sunak on Sunday concluded his two-day-long