Worst might be over for UK hiring slump – REC survey

A minor ray of optimism emerged amongst the UK employers on the hiring and investment front, as the government eased lockdown restrictions, according to a survey conducted by Britain’s recruiting industry body, the Recruitment & Employment Confederation (REC).

Key takeaways (via Reuters)

“Business confidence measure remained negative but rose to -10 from -21 in April.“

“Short-term demand for permanent staff improved to -5 from -9.”

“Coronavirus has caused a huge slowdown in the labor market, but this data indicates that the worst could be behind us.”

In another survey conducted by the Institute of Directors (IOD), “company directors showed around half of those using the scheme for their staff could provide 20% or more toward furloughed workers’ full-time salaries between August and October when the programme is due to end.”

GBP/USD bounces-back towards 1.2300

Amid improved market mood induced broad US dollar selling, GBP/USD jumps back towards 1.2280 region, having found fresh bids near mid-1.22s.

At the press time, the spot adds 0.25% to trade at 1.2281, as the pound traders digest the survey findings while keeping an eye on the Brexit developments in the day ahead.