Financial News: UK Labor Market Conditions Soften In August: KPMG/REC

UK Labor Market Conditions Soften In August: KPMG/REC Report

09/09/2024 - 05:41:00 (RTTNews)

(RTTNews) - The UK labor market conditions softened in August as permanent job placements declined sharply amid reduced demand for new staff and falling pay growth, a report compiled by S&P Global showed Monday.

Permanent staff placements declined for the 23rd straight month in August, the KPMG and REC, UK Report on Jobs showed. Moreover, the rate of fall was the sharpest since March amid reports of lower demand from clients and a lack of workplace vacancies. Temp billings also declined in August.

Regarding pay growth, the report showed that permanent staff salaries increased further, in line with a trend that stretches back three-and-a-half years.

Nonetheless, the pace of growth was the weakest since March. Moreover, temp pay grew at the weakest degree for three-and-a-half years.

There was a marginal decrease in vacancy numbers in August. It was the tenth month in a row that demand for staff has fallen with slight declines seen for both permanent and temporary workers.

At the same time, staff availability continued to rise in August. Growth was the biggest in four months for temp workers but the slowest since February for permanent staff.

Further, half of the sectors covered by the survey reported a decline in permanent vacancies. IT & Computing reported the steepest fall. Temp vacancies declined across seven sectors in August, with the steepest reduction seen for Executive & Professional.

KPMG Chief Executive and Senior Partner Jon Holt said recent warning from the government that the UK economy may weaken further before improving add to the overall sense of uncertainty, affecting recruitment plans.

The increase in salaries at the weakest rate since March could help make the case for more rate cuts when the Monetary Policy Committee meets to decide the future path of interest rates, said Holt.

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