Hiring of Staff Via Recruitment Firms in UK Down in June: Brexit Effect? - Forex News by FX Leaders

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

Posted Friday, July 5, 2019 by
Arslan Butt • 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

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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