Info from Recruitment and Employment Confederation trade body and accountants KPMG survey comes via Reuters:
Demand for workers in Britain fell sharply after the Labour government's first budget.
REC/KPMG's staff demand index dropping to 43.9 in November, the lowest since August 2020.
Permanent staff placements saw the fastest decline since August 2023, while temporary hiring eased slightly.
REC criticized the Employment Rights Bill as "undercooked" and warned of its potential negative effects.
Comments from the report:
- "It should be a surprise to no-one that firms took the time to re-assess their hiring needs in November after a tough budget for employers,"
- "The real question now is whether businesses will return to the market as they go into next year with greater certainty about the path ahead."
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At the margin this sort of data will hurry along Bank of England rate cuts lest the labour market takes a hit.
