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UK DATA: KPMG-REC Report on Jobs: Fastest Decline in Perm Placements Since Aug23

UK DATA
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  • There were some mixed details in a broadly downbeat KPMG-REC Report on Jobs but the main takeaway for us was the continued decline in permanent placements with the rate of decline the fastest since August 2023. The report notes that this was due to continued concerns regarding cost pressures from the Budget measures.
  • Temporary placements also fell (noted for the same reason) reverting to October levels and below November levels.
  • Vacancies continued to fall while availability of staff continued to increase.
  • However, both permanent and temporary wages grew faster than previous months (permanent the fastest since August) with the report noting that firms are still willing to pay competitively for specific talent.
  • Overall, despite the higher wage growth, businesses continued to remain cautious following the large minimum wage and employer NICs increases in the Budget. And rising gilt yields and concerns that the government may have to raise taxes further this year will not be helping confidence.
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  • There were some mixed details in a broadly downbeat KPMG-REC Report on Jobs but the main takeaway for us was the continued decline in permanent placements with the rate of decline the fastest since August 2023. The report notes that this was due to continued concerns regarding cost pressures from the Budget measures.
  • Temporary placements also fell (noted for the same reason) reverting to October levels and below November levels.
  • Vacancies continued to fall while availability of staff continued to increase.
  • However, both permanent and temporary wages grew faster than previous months (permanent the fastest since August) with the report noting that firms are still willing to pay competitively for specific talent.
  • Overall, despite the higher wage growth, businesses continued to remain cautious following the large minimum wage and employer NICs increases in the Budget. And rising gilt yields and concerns that the government may have to raise taxes further this year will not be helping confidence.