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Momentum in UK labour market fades further in May: KPMG/REC

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Britain's labor market cooled further in May as starting salaries for permanent staff rose at the weakest pace in over two years, according to a survey of recruiters that the Bank of England watches closely

The Recruitment and Employment Confederation said the number of permanent staff placements dropped last month at the sharpest rate since January 2021, as its gauge of demand for staff fell to a five-month low.

REC's gauge of growth in starting salaries for permanent staff fell to its lowest level since April 2021, although it said this still represented "a historically sharp pace overall".

 

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