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KPMG-REC Report on Jobs: Labour market continues to soften but at slower pace

UK DATA
  • The KPMG-REC Report on Jobs showed that the labour market continues to soften, albeit at a slower pace than in March. Both permanent and temporary placements remained below the breakeven 50 level. The press release notes that permanent placements have now fallen in each month since October 2022, but that the index was at its highest level since June 2023. Temporary placements remained below 50, too, but were at their highest level since January. The availability of staff saw a more significant increase, however, with the report noting higher redundancies led to the highest reading for 5 months.
  • On the wages side, the rate of pay increases picked up for both permanent and temporary workers. The press release notes that: "For permanent workers, the rate of growth accelerated to its highest in the year-to-date, though remained below its historical survey trend. Temporary staff saw their pay rates rise at the steepest pace since June 2023 and to a degree that was slightly above average."
  • Overall, this will be a slight concern for the MPC as it discusses when will be the appropriate time to enact the first rate cut, as the softening in the labour market seems to be slowing a little and showing a little more resilience - but for now the big picture is still that the labour market is softening.
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