UK hiring falls at fastest pace in over three years, wage growth slows

autotldr Bot , 11 months ago

This is the best summary I could come up with:

---

LONDON, Aug 7 (Reuters) - British employers reduced the number of new permanent staff they hired through recruitment agencies by the most since mid 2020 last month due to concerns about the economic outlook, adding to signs that the market is becoming tougher for job seekers.

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.

The survey’s measure of temporary staff hiring, which often rises when employers are cautious about the outlook, in July showed the weakest growth in nine months - partly because more workers were looking for the security of permanent roles.

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.

Monday’s survey chimed with other indicators showing the labour market is loosening, welcome news for the Bank of England which raised interest rates for the 14th meeting in a row to 5.25% last week and has been concerned about high wage growth.

Separate figures from accountants BDO showed rising interest rates, tough trading conditions and weak demand hit hiring intentions and business confidence across services and manufacturing sectors.

---

I’m a bot and I’m open source!

alphacyberranger OP , 11 months ago

Good bot

Carighan , 11 months ago

Now I’m confused: If this is about temporary hiring falling, this means the economy is recovering and companies are looking to hire more permanently again, right?