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--UK Jan Permanent Sales Index 62.3 Versus 60.7 Dec: Markit/REC
By David Robinson
     LONDON (MNI) - UK starting salaries for permanent jobs rose in January at
their fastest pace since June 2015, a Markit survey for the Recruitment and
Employment Confederation (REC) found.
     The Markit/REC permanent salaries index, published Thursday, rose to 62.3
in January from 60.7 in December, providing further support to the Bank of
England's projection that earnings growth will pick-up.
     The temp/contract pay rates measure dipped to 56.0 in January from 57.1 in
December. 
     The Markit/REC survey, based on evidence from recruitment firms, reflects
developments in the new jobs market, the marginal pay rate, and does not show
what is happening to earnings for existing staff. With skill shortages
widespread and vacancies elevated there are, however, clearly upward pressures
on pay.
     "From what I see today, the firming of the labour market and the pick-up in
wages over the next few years appear to be on track," BOE Governor Mark Carney
said in evidence to the House of Lords Economic Affairs Committee on January 30.
     The Markit/REC survey highlighted continuing skill shortages. The
availability of permanent staff measure rose to 35.9 in January from 34.8, still
way below the 50 contraction/expansion dividing line.
     The temp/contract staff availability measure nudged up to 42.6 from 42.3,
while the vacancies index was little changed at 61.5 in January from 61.8 in
December.
     Permanent staff placements rose to 58.4 from 56.4, the highest reading
since April 2015.
--MNI London Bureau; tel: +44 203-586-2223; email: david.robinson@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com