Hiring of Staff Via Recruitment Firms in UK Down in June: Brexit Effect?

According to REC, hiring of permanent staff by companies via recruitment companies declined for the fourth consecutive month in June.

Arslan Butt•Friday, July 5, 2019•1 min read

According to data released by recruiting firm REC, hiring of permanent staff by companies via recruitment companies declined for the fourth consecutive month in June. This has increased worries about Brexit uncertainties hitting the labor market in the UK.

Hiring of temporary staff has registered a slight uptick in June, but it was the weakest rise in this figure since the financial crisis’s aftereffects in May 2013. Yesterday, we wrote about how the UK economy has most likely contracted in Q2 2019 on the back of weak manufacturing, services and construction data.

This latest data comes as more bad news for the economy, which is reeling under the effects of Brexit and an increasing likelihood of a no-deal Brexit.

On Friday, [[GBP/USD,]] continues to trade weak and is touching 1.258 at the time of writing. How will the upcoming US NFP figures impact the Cable today?

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.