KPMG/REC Survey: UK hiring falls at fastest pace in over three years, wage growth slows – Reuters

Anil Panchal FXStreet

“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, per the latest survey from the UK’s Recruitment and Employment Confederation (REC), funded by the global quant giant KPMG, published early Monday in Asia.

The poll also cited a tough market for job seekers as their key gauge showing the permanent staff hiring slumped to 43.4, the lowest since June 2020, in July. That said, the survey's measure of temporary staff hiring marked the weakest growth in nine months for the said month.

In addition to the survey release, Neil Carberry, chief executive of REC, cited economic uncertainty as the catalyst for the latest challenges for the jobs market.

The news also includes a separate survey from the UK BDO stating that the rising interest rates, tough trading conditions and weak demand hit hiring intentions and business confidence across services and manufacturing sectors. While justifying the same, the BFO’s gauge of employment snapped a five-week uptrend in July while the optimism inflation marked the first monthly loss in four during the said month.

Also read: GBP/USD Weekly Forecast: Bearish potential to hold in a key week ahead

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Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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