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In May, Britain experienced its mildest decline in permanent job hires in over a year — signaling a possible recovery in the recruitment market, according to a survey by the Recruitment and Employment Confederation (REC).
The Bank of England is closely monitoring this trend as it considers future interest rate cuts. Temporary staffing billings also saw the smallest drop since January, according to Reuters.
Neil Carberry, REC Chief Executive, noted significant improvements in many key metrics compared to the previous month. Although REC’s data generally depicts a weaker labor market relative to official reports, which showed a 6% annual wage growth in Q1 2024, there are promising signs.
The upcoming July 4 national election and potential Bank of England interest rate cuts could alleviate employer hesitancy regarding hiring.
Additionally, pay rates for permanent positions rose slightly slower than in April, while vacancies decreased at the slowest rate in a seven-month downturn. The availability of staff grew the most since December 2020, aided by redundancies, elevated unemployment, and reduced staff demand.
These developments are relevant for the Bank of England as it determines when inflation pressures have sufficiently eased to justify reducing borrowing costs for the first time since the pandemic began.
These indicators suggest a stabilizing job market that could lead to increased hiring opportunities and improved economic conditions, thereby enhancing job security and potentially raising living standards.
