The economic uncertainty continued to damp the UK recruitment activity in October, a survey report compiled by S&P Global showed Wednesday.
There was a sustained fall in permanent placements in October as employers were hesitant to commit to new permanent hires, the KPMG/REC Report on Jobs said. Nonetheless, the pace of decline was the softest in four months.
At the same time, temp billings rose again in October with firms looking for flexibility in workforces.
The availability of candidates improved for the eighth consecutive month due to an accelerated upturn in permanent candidate numbers. There was a marginal increase in temp staff supply. Permanent starters’ pay remained on an upward trend. However, the rate of increase moderated to the weakest in just over two-and-a-half years. Employers had to up pay offers to secure suitably-skilled staff and to reflect the higher cost of living. Temporary wages held close to September’s recent low. Data showed that demand for staff stabilized in October. Permanent vacancies dropped fractionally, while the number of temp positions increased moderately.
“In many ways, the labor market is marking time waiting for the brakes to be taken off growth by the Bank of England,” Recruitment & Employment Confederation Chief Executive Neil Carberry said.