UK’s surging jobs markets shows signs of stabilisation
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LONDON, (Reuters) – A rise in British worker demand is beginning to slow down according to a Friday survey. This may be a relief for the Bank of England that worries about long-term inflation pressure.
According to The Recruitment and Employment Confederation, new job openings decreased by 25% over the week prior. This is a return to mid-January’s level.
“The job market was super heated in the first months of the year and it was expected to stabilize in spring. “We may be starting to see the first signs now,” Neil Carberry, chief executive of REC said.
“We’ll see over the next few days if this is the cooling that we expect, or a slow market developing, as employers account for rising inflation.”
Bank of England worries about shortages of staff. They have raised interest rates at three of their last meetings to attempt to stem the increase in inflation to 6.2% over 30 years. This is to keep the problem of longer-term price rise and prevent it from becoming a long-term issue.
REC stated that demand is high for hairdressers and barbers. There were also significant increases in advertisements for skilled occupations, such as veterinarians or crane drivers.
According to the company, 1.83 Million active jobs ads have been stable since March 1, it stated.
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