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Free AccessBOE Agents: Recruitment Difficulties Rise; Hiring Plans Modest
By David Robinson
LONDON (MNI) - The Bank of England Agents' August Report, published
Wednesday, found evidence of more widespread recruitment difficulties while pay
settlements were still clustered below pre-financial crisis norms.
The agents' August Business Summary stated that consumer spending growth
had eased, firms' hiring intentions were modest and that it was getting for
employers to fill vacancies but that pay growth had still not accelerated.
"Recruitment difficulties had edged higher and broadened slightly. Pay
awards were clustered around 2%-3%," the report said.
Before the global financial crisis pay awards of 4% plus were the norm, but
the UK has suffered a prolonged period of exceptionally weak pay growth.
The BOE's regional agents contact businesses in their areas to get a feel
for how the economy is unfolding. Some contacts attributed weaker consumer
spending to growing caution and reported that customers were opting for cheaper
alternatives.
Construction output growth was modest as were investment intentions and
only the manufacturing sector reported strengthening growth.
The picture of skill shortages, a struggling construction sector and softer
consumer demand is consistent with evidence from other surveys, including those
of the Recruitment and Employment Confederation and the purchasing managers
surveys.
The agents scores showed recruitment difficulties in Q3 rose to 2.1 from
1.8 in Q2, the highest outturn since the 2.4 recorded in Q4 2015. Costs per
employee held steady at 2.0 for services, the level this measure has been at
since Q4 2015.
--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.