| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

News : UK Economy Last Updated: Oct 6, 2010 - 12:01:48 PM

UK faces the risk of a “double dip” in employment
By Finfacts Team
Oct 6, 2010 - 8:05:55 AM

Email this article
 Printer friendly page
Source: Markit

The UK faces the risk of a “double dip” in employment, recruitment companies have warned in a report published today.

Recruitment of both permanent and temporary staff continued to grow last month but at a slower rate, according to a survey of 400 agencies by the Recruitment and Employment Confederation and the Big 4 accounting firm KPMG

Further easing in growth of staff appointments... Permanent staff placements and temporary/contract staff billings both rose at weaker rates in September. The latest increase in permanent appointments was the slowest for a year, while growth of temp billings eased to an eleven-month low.

...as vacancies rose at slower rate: Overall demand for staff increased again in September, but the rate of growth was the weakest since October 2009. Slower rises in both permanent and temporary vacancies were recorded.

Weaker trend in staff pay...Although permanent staff salaries continued to rise in September, the rate of inflation eased to a ten-month low. Temporary/contract staff hourly pay decreased marginally for the first time in nine months.

...as candidate availability showed signs of improvement: September data signalled a reduction in the availability of permanent staff for the fourth time in the past five months. However, the latest fall was only slight. The availability of temporary/contract staff rose at the fastest pace for three months.

Kevin Green, Chief Executive of the Recruitment & Employment Confederation, said: "September’s Report on Jobs shows that the jobs market is starting to flatline and may herald a ‘double dip’ in employment. Whilst there is marginal growth, these figures are the worst we have seen for a year. The Government must do everything possible to avert the threat of increasing unemployment. This must include avoiding new regulation that could restrict businesses and jobs growth. How the Government decides to implement the Agency Workers Regulations will be its first major test in cutting red tape on business.

"Recent party conferences have underlined plans for welfare and benefits reform but this will take years to implement. Immediate priorities for Government must focus on encouraging private sector employers with incentives to take on staff and radically improving the support being offered to specific groups of jobseekers, such as those under 25. Tapping into the existing expertise of the private sector recruitment industry is a cost effective way in which the Government could start to make real headway in this area."

Bernard Brown, Partner and Head of Business Services at KPMG added: "September has seen a further slowdown of the UK jobs market with permanent job appointments rising at the weakest rate for a year. As in previous months engineering, construction and executive staff have been most in demand, an indication of the continuing recovery in the private and manufacturing sector. This is in sharp contrast to the situation in the public sector where many organisations have started redundancy programmes or have at least imposed hiring freezes. For example, the sharp decline in the demand for healthcare professionals comes as a direct result of government cutbacks and efforts to reform the NHS and may be only a sign of things to come."

The report features original research data from Markit, collected via questionnaire from a panel of 400 UK recruitment and employment consultancies.

Ambition, a finance industry recruiter, said vacancies in the London banking and finance sector had reached levels not seen since 2007. It said vacancies available to City workers were now 260% above those at the bottom of the jobs market in the first quarter of 2009. The growth was driven by fixed income and foreign exchange markets.

Related Articles
Related Articles

© Copyright 2010 by Finfacts.com

Top of Page

UK Economy
Latest Headlines
UK in 28th rank of 30 advanced OECD nations for health resourcing: Economist Intelligence Unit
Business on a Shoestring: Keeping startup costs low in UK and Ireland
UK "underlying growth has stopped"
41,000 London properties held by foreign companies - 90% in tax havens
UK GDP rose 2.6% in 2014 up from 1.7% in 2013
Northern Ireland private economy contracted in December 2014
Northern Ireland may have a 12.5% corporation tax rate from 2017
UK moves ahead on 'Google tax' despite criticism
PwC charged with "selling tax avoidance on an industrial scale"; indulging in "scams"
Income inequality damages economies; Rich-poor gap highest in 30 years
Cameron warns of risk of another global recession
Only 80,000 of 1.1m UK jobs added since 2008 were full-time employee positions
UK added 112,000 jobs in third quarter; Pay inches above inflation - first time in 5 years
Germany and UK agree to restrict 'patent box' tax incentives to local R&D
German retailer Aldi to create 35,000 new jobs in UK by 2022
UK GDP growth slowed in the three months to September
UK retail sales fell in September; Tesco, Debenhams, Foxtons report market stress
UK faces more austerity and less chance of tax cuts
Globalization, the underclass and the need for a new model - Part 2
Northern Ireland PMI shows sharp increase in activity
UK economic growth revised up - above pre-recession level
London world’s most expensive city for companies to locate employees
UK retail sales in August best performance since January
UK economy added more net jobs in past 4 years than rest of the EU combined
UK to announce stiffer penalties for offshore tax evaders
UK economy since launch of the euro in 1999
IMF says British pound overvalued
UK profit warnings reach highest first half total since 2011
UK GDP up 3.1% in 12 months to end Q2 2014; Economy overtakes pre-crisis 2008 peak
Wealthy foreign students overtake finance professionals as renters in prime Central London areas
UK attracts most inward investment projects since records began in 1980s
Trends in UK and US part-time and self employment since 2008
UK labour participation at 73% - highest in decade; US at 63% - lowest since 1978
More than 20,000 client names of Jersey tax haven bank leaked
UK house prices overtook their 2007 peak in Q2 2014
UK recovery continues at robust pace
UK employment rose again at a record pace in the three months to April
UK tax revenues rose to record in 2013/2014 with help from tax dodgers
Overseas visits to London in 2013, up 43.5% in 10 years
UK economy grew 0.8% in Q1 2014; Almost back to 2008 peak