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Financial News: UK Permanent Job Placements Fall For First Time

UK Permanent Job Placements Fall For First Time In 20 Months

11/10/2022 - 06:22:00 (RTTNews)

(RTTNews) - UK permanent job placements declined for the first time in 20 months in October as heightened uncertainty over the economic outlook weighed on hiring, the latest KPMG and REC, Report on Jobs survey, compiled by S&P Global showed Thursday.

The survey showed that recruitment activity waned in October as the number of permanent placements decreased for the first time since February 2021. At the same time, temp billings stagnated. Respondents cited that economic uncertainty has forced the firms to reassess their recruitment plans, while candidate shortages dampened hiring.

Although demand for staff continued to increase in October, the vacancy growth rate softened for the sixth consecutive month. The upturn in demand was the slowest seen in the current sequence of expansion that started in February 2021.

The availability of permanent staff was more acute than that seen for temporary labor. Recruiters noted that people became more reluctant to switch or seek out new roles due to concerns about the economic outlook, fewer foreign workers and a low unemployment rate.

Further, the survey revealed that starting salary inflation slid to an 18-month low. Starting rates of pay increased due to the rising cost of living and competition for staff.

"The looming recession is clearly impacting the UK jobs market," Claire Warnes, Partner, Skills and Productivity at KPMG UK, said. Warnes said "The jobs market will bounce back, particularly if we invest in the skills of the workforce across all sectors for the economy."

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