The UK job market is in a steep decline, a new report reveals. Flagging business has forced employers to take a step back from any new hiring decisions.
The number of people placed in permanent jobs has fallen at the sharpest rate since July 2009, according to the study by the Recruitment and Employment Confederation and KPMG, published today.
On a scale where anything above 50 represents an increase in hiring, the report’s jobs index reached 48.2 in November, down from 49.7 in October and way below its pre-credit crunch peak of 64.1.
The report warned the growth in permanent job vacancies eased back as employers became increasingly concerned over the eurozone crisis and global growth prospects.
The rate of growth for temporary jobs also scaled back from October, meaning pay pressures were subdued across permanent and agency staff.
Bernard Brown, partner at KPMG, said uncertainties in the European market could send unemployment soaring to beyond 3m, up from its current 17-year high of… continue reading
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