UK jobs on sharp decline

by Editor 9/5/2008 3:25:00 PM
The job market in the UK is going through a critical period, with the total number of new roles on a very sharp decline, according to a new research conducted by consulting firm KPMG and the Recruitment and Employment Confederation (REC).

As a result of the economic crisis, permanent job vacancies have declined at the sharpest rate since November 2001, while temporary positions have also fallen at a record pace.

The rising number of job candidates has also led to the weakest salary growth in more than five years.

“The demand for both permanent and temporary workers is weakening, although it must be remembered that this follows a period of unprecedented high demand for staff,” said REC chief executive Kevin Green. “A positive benefit for the economy is the muted pay growth that the increase in the supply of candidates is creating.”

KPMG director Alan Nolan added: “UK employers are continuing to control payroll costs through redundancies – and by refusing to take advantage of a growing (but increasingly unused) pool of skilled labour. These workers are starting to drift abroad in search of employment and there is a risk that (when the market turns) the UK will be left behind by a skills shortage.”

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