‘For the first time since the cold war we must genuinely fear for our self-preservation,’ warns former ECB chief as he presents new report on European competitiveness
We also have worrying signs that the US jobs market is cooling.
The latest UK Report on Jobs from KPMG and REC shows that the UK labour market softened in August, with vacancies falling for both permanent and temporary staff.
“Recent Government warnings that the UK’s economy may weaken further before improving add to the overall sense of uncertainty, affecting recruitment plans. Firms holding back from hiring led to a sharp contraction in the number of people placed into permanent roles in August amid continued decline in demand, extending the downturn in the UK’s labour market.
“The news that while salaries rose last month it was at the weakest rate since March could help make the case for more rate cuts when the [Bank of England’s] Monetary Policy Committee meets to decide the future path of interest rates.
This reflects ongoing concerns in the job market, including falling job vacancies and more people claiming unemployment-related benefits, which reached its highest level since December 2021 according to the Office for National Statistics.
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