Brexit Uncertainties Affecting UK Jobs Market? - Forex News by FX Leaders
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Brexit Uncertainties Affecting UK Jobs Market?

Posted Friday, June 7, 2019 by
Arslan Butt • 1 min read

According to the Recruitment and Employment Confederation (REC) monthly report, British businesses’ spend on temporary staff rose at the weakest rate in over six years in May 2019. Hiring of permanent employees has also come down, suggesting that the UK labor market may be in trouble.

Official data reveals that unemployment had fallen to 3.8% in Q1 2019, its lowest levels since 1975. According to the Bank of England, the fall in hiring could be a result of companies delaying their business investments until all uncertainties surrounding Britain’s departure from the UK are sorted out.

According to REC chief executive Neil Carberry, ““Overall, though, the survey again shows what uncertainty does to hiring plans. Total permanent placements fell again this month while temporary billings grew only marginally.”

REC’s data also reveals that starting salaries for permanent employees has registered the weakest rise in over two years. However, pay rise for temporary staff was the strongest in six months.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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