Financial News: UK Permanent Job Placements Decline Amid Looming Economic

UK Permanent Job Placements Decline Amid Looming Economic Uncertainty

03/08/2023 - 04:50:00 (RTTNews)

(RTTNews) - UK permanent job placements declined for the fifth consecutive month in February as firms were reluctant to recruit staff amid lingering economic uncertainty, a survey report compiled by S&P Global showed Wednesday.

Permanent staff appointments decreased at a quicker pace than in January, the KPMG/REC Report on Jobs, based on the responses of around 400 consultancy firms, revealed. On the other hand, billings for temporary workers continued to increase.

Data showed that overall vacancies continued to grow with the rate of expansion the fastest in four months. Demand for permanent workers increased at a quicker pace, while temp vacancy growth softened slightly.

Regarding the availability of candidates, the survey showed that staff supply dropped at the softest pace in nearly two years. Respondents suggested that workers were reluctant to seek out new roles in the current economic conditions, while ongoing skill shortages weighed on staff availability.

There was another increase in starting pay of both permanent and temporary staff. The rising cost of living and difficulties attracting skilled staff drove increases in starting pay.

"What this latest Report on Jobs shows is serious labour and skills shortages are not behind us," REC Deputy Chief Executive Kate Shoesmith said.

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