A marked decline in permanent placements in London was reported in July, accompanied by a sharp drop in temporary billings at the fastest rate since February. An expanding labor supply, driven by redundancies and reduced market activity, continues to negatively impact demand for labor. Both types of vacancies experienced accelerated decreases. Compensation trends indicated only mild increases in permanent salaries and modest growth in temporary wages, reflecting historically subdued rates. The report highlights a cautious hiring climate amid widespread uncertainty in the job market.
Anna Purchas, London Office Senior Partner at KPMG UK, stated: "It's clear that hiring activity in London remains muted, with permanent and temporary placements both falling quite sharply, and our capital is leading the decline for the latter. Employers are understandably cautious right now, as wider market uncertainty impacts confidence."
The KPMG and REC, UK Report on Jobs: London indicated a sustained and marked decline in permanent placements in July, also noting a sharp fall in temporary billings.
A further rapid expansion in labour supply was observed, driven by redundancies and a general downturn in market activity, leading to a continued worsening in demand for labour.
Compensation trends showed a mild increase in permanent salaries and a relatively modest rise in temporary wages, with both rates of increase historically subdued.
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