Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Surge in Job-Seekers Marks Largest Increase Since 2020 Amid Employment Market Weakness

by June 10, 2024
June 10, 2024
Surge in Job-Seekers Marks Largest Increase Since 2020 Amid Employment Market Weakness

The number of individuals seeking employment has soared at the fastest rate since 2020, signalling a growing fragility in the UK employment market.

A closely monitored survey by KPMG and the Recruitment and Employment Confederation (REC) indicates that increased redundancies and a decline in job openings have driven a significant surge in job-seekers.

This marks the 15th consecutive month of rising “staff availability”, with the latest increase being the most substantial since December 2020.

Unemployment has been on the rise in recent months, while wage growth has decelerated, prompting speculation that the Bank of England may cut interest rates this summer.

Recruiters have noted that elevated interest rates have contributed to a slowdown in the labour market.

The KPMG and REC Report on Jobs revealed that both the number of new job placements and the number of vacancies have decreased, although not as sharply as in previous months.

The report’s seasonally adjusted staff availability index, which measures the number of job-seekers, reached 62.2 in May, up from 60.4 in April. This index has been climbing since March of last year.

The increase is attributed to “a mixture of redundancies, higher unemployment, and reduced demand for staff,” the report stated.

The number of people securing permanent positions through recruiters has now declined for 20 consecutive months.

While the demand for staff, as evidenced by vacancy rates, also dropped, the decrease was described as “fractional.”

Jon Holt, Chief Executive of KPMG UK, commented on the findings, highlighting the complexities of the current labour market. He stated, “The big picture is that unemployment remains historically low, with the ease of filling vacancies returning to pre-pandemic levels.”

Holt added, “With today’s data, anticipated interest rate cuts, easing inflation, and increased consumer confidence over the summer, we can hopefully look forward to a better economic outlook for the second half of 2024.”

Recent official data indicated that the unemployment rate rose to 4.3% between January and March, up from 3.8% in the previous quarter.

Read more:
Surge in Job-Seekers Marks Largest Increase Since 2020 Amid Employment Market Weakness

0
FacebookTwitterGoogle +Pinterest
previous post
Aston Martin Secures Long-Term Pay Deal Benefitting 2,500 UK Workers
next post
Iran-backed Houthi rebels strike 2 commercial ships in Gulf of Aden

You may also like

Kretov Aleksandr and Other Prominent Business Experts: Unlocking...

September 15, 2023

Gatis Eglitis and EXANTE: Pioneering Global Innovation in...

December 27, 2024

How to plan for the death of a...

August 23, 2023

How To Choose The Right Lone Worker Protection...

June 27, 2023

Household Confidence Peaks to Three-Year High Amid Economic...

May 24, 2024

Vasectomy: a personal decision, but many pros and...

September 11, 2024

Parents forced to stay at home as thousands...

February 28, 2023

The Importance of Family Dentistry: Insights from Bridgewater...

June 6, 2023

Charity shops go digital to compete with booming...

April 21, 2025

Virgin Galactic prepares for lift off in key...

June 26, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Senate Republicans ram Trump’s ‘big, beautiful bill’ through key test vote

      June 29, 2025
    • Chief Justice Roberts sounds alarm on dangerous rhetoric aimed at judges from politicians

      June 29, 2025
    • Britain’s fastest-growing firms revealed for 2025: Dfyne, Nala’s Baby and Hawkstone lead the charge

      June 29, 2025
    • Schumer to force Senate reading of Trump’s entire ‘big, beautiful bill’

      June 28, 2025
    • Rubio condemns Iran’s ‘unacceptable’ threats against IAEA director

      June 28, 2025
    • Key blue state Republican says Senate’s local tax write-off offer is a ‘good deal’

      June 28, 2025

    Categories

    • Business (8,330)
    • Investing (2,081)
    • Politics (15,853)
    • Stocks (3,177)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved