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Jobseeker numbers surge at fastest pace in five years
Rising jobseekers and slower pay growth reflect mounting economic pressures and tax-related labor costs, with redundancies increasing and hiring remaining subdued, KPMG and REC reported.
- Last month, KPMG and REC reported that starting salary growth eased to its slowest pace in four-and-a-half years, while overall wage growth stagnated at similarly weak levels in the United Kingdom.
- The Bank of England's survey last week showed UK businesses cut jobs fastest in four years amid rising redundancies and wage costs after the Government hiked National Insurance and minimum wage in April.
- The KPMG and REC index recorded permanent placements at 44.2 in August, up from 40 in July, while temporary billings rose to 46.8 but remained in contraction; the survey of around 400 recruitment consultancies matched the Bank's report of a 0.5% employment cut over three months.
- Recruiters said the pool of candidates surged, marking the steepest increase in about five years, and Chancellor Rachel Reeves now faces mounting pressure ahead of the autumn Budget amid reports she may broaden the National Insurance levy affecting 190,000 workers.
- Pat McFadden will lead the Department for Work and Pensions' transformation into a 'growth ministry', the Work and Pensions Committee urges extending job-search from four weeks to three months, and officials hope September data next month show improvement.
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Britain faces jobs crunch as number of jobseekers rises at fastest rate in five years under Rachel Reeves
Britain's labour market has experienced its sharpest increase in jobseekers for five years, with companies slashing recruitment and shedding staff as they anticipate further tax increases from Chancellor Rachel Reeves in November's Budget
·London, United Kingdom
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Coverage Details
Total News Sources8
Leaning Left3Leaning Right2Center3Last UpdatedBias Distribution38% Left, 38% Center
Bias Distribution
- 38% of the sources lean Left, 38% of the sources are Center
38% Center
L 38%
C 38%
R 25%
Factuality
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