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REC's Report on Jobs showing signs of recovery receives national media coverage.
The September Report on Jobs published today by the REC and KPMG has received widespread national media coverage today as the latest survey shows there are signs of recovery now beginning to appear in the labour market.
Kevin Green, the REC's Chief Executive, has been interviewed this morning on BBC Radio 4's Today programme, by Nicky Campbell on BBC Radio Five Live and will also be appearing on the BBC Business News later today. He was also quoted in the story as it appears on the BBC website and was in all the BBC's news bulletins.
"It seems that employers are becoming more confident in their hiring decisions," Kevin told the BBC.
Features about the Report have also appeared in the Financial Times and the Times. The reason is the Report's findings have shown the first positive signs of recovery in the jobs market.
The report signals a return to growth, albeit only marginal, of both permanent and temporary staff appointments during August.
Key points of the Report are:
- Marginal increases in both permanent and temporary staff appointments.
- Candidate availability rose at weaker pace.
- Permanent and temporary staff pay fell at slower rates.
This was the first growth of permanent appointments for 17 months and the first increase in temp billings since July 2008.. The rate of contraction of demand for staff eased further in August. The latest drop in overall vacancies was the weakest in just over a year.
However, recruitment consultants reported another month of declining pay rates in August. However, the latest reductions in both permanent salaries and temporary/contract staff hourly wages were the slowest in ten months.Although the availability of candidates to fill job vacancies continued to rise strongly in August, the rates of improvement in both permanent and temporary/contract staff availability eased to the weakest for a year.
Kevin Green, says: “For the first time in 17 months, this month's report shows signs that the UK jobs market is improving. It seems that employers are becoming more confident in their hiring decisions with an increase in permanent recruitment and growth in temporary placements for the first time in over a year.
“The stabilisation in the jobs environment must not be put at risk by the introduction of ill-designed regulation like the Agency Workers Directive. This legislation needs careful consideration to avoid putting jobs at risk and must not be introduced until the last possible moment in 2011. Unemployment will continue into 2010 so we call on the Government, employers and recruitment businesses to work more effectively together to build on these green shoots and safeguard the recovery of the jobs market.”
Bernard Brown, Partner and Head of Business Services at KPMG comments: “This is the first time we have seen really positive news for the UK jobs market in 17 months. However, it is too early to speculate whether this signals the end of the recession. One important factor to watch over the coming months will be how the public sector is coping with the financial and economic crisis. Given that employment costs are a substantial element of public sector spending, you would expect significant pressure on those costs going forward. This is likely to have a significant impact on the UK jobs market.”
The Report on Jobs provides the most comprehensive guide to the UK labour market, drawing on original survey data provided by recruitment consultancies.
Copies of the report are available on annual subscription from Markit. For subscription details, please contact: economics@markit.com.
