👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

UK jobs market cools in August, new data shows

Published 09/09/2024, 09:12
© Reuters.  UK jobs market cools in August, new data shows

Proactive Investors - The UK labour market showed further signs of weakness in August 2024, with recruitment for both permanent and temporary job placements continuing to fall, according to the latest survey from KPMG and the Recruitment and Employment Confederation (REC).

The report cited economic uncertainty, inflationary pressures, and a focus on cost control as the main factors behind the ongoing hiring slowdown.

Permanent job placements registered their softest decline since April 2023, while temporary job appointments fell for the 12th consecutive month.

On a positive note, candidate availability has improved, with more job seekers entering the market due to layoffs and people actively searching for new opportunities.

Despite this, wage growth remains strong, though it has started to ease, particularly for permanent roles.

"Employers are still hiring, but are being much more cautious and focused on cost control," said Claire Warnes, head of education, skills, and productivity at KPMG UK.

“Despite the stability of a new government and easing inflationary pressures, employer confidence to recruit has not yet returned, leading to delays with permanent hiring and even a small contraction in the temporary market as worker contracts are not renewed,” added Jon Holt, chief executive and senior partner of KPMG UK.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.