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Financial News: UK Job Placement At 16-Month Low

UK Job Placement At 16-Month Low

07/08/2022 - 01:18:00 (RTTNews)

(RTTNews) - The UK job placements grew at the softest pace in 16 months in June due to candidate shortages and the reluctance of firms to hire amid greater economic uncertainty and rising costs, the latest KPMG and REC, Report on Jobs survey, compiled by S&P Global showed Friday.

Permanent and temp appointments expanded at the softest rates for 16 months in June. The availability of staff continued to deteriorate which led to further marked increases in the starting pay of candidates.

The survey showed a continued increase in vacancies in June but the latest upturn was the least marked for 15 months. The availability of staff declined again in June, with the pace of deterioration the sharpest for three months.

Due to the imbalance between the supply and demand, there was a steep increase in starting pay in June. However, the starting salary inflation eased to the softest since August 2021.

"Today's data show that we are likely to be past the peak of the post-pandemic hiring spree," Neil Carberry, chief economist of the Recruitment & Employment Confederation said. "That pace of growth was always going to be temporary- the big question now is the effect that inflation has on pay and consumer demand over the course of the rest of the year."

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