According to a survey closely watched by Bank of England policymakers, British companies stepped up their recruitment efforts for full-time employees in August. The British Federation of Recruitment and Employment's index tracking the number of entrants to formal jobs achieved the first increase since September 2022. The recruitment agency said that the data shows a rise in optimism about business operations, and the company has won new orders and taken on more business. In recent months, employers have mainly relied on temporary employment to adapt to the turbulent external environment. Jon Holt, CEO of KPMG UK Group, said that official job recruitment rebounded in August, while temporary employment increased at the same time, which meant “market confidence has begun to return.” There is still some time until the Bank of England's next interest rate decision is announced on September 17. This survey further confirms that in the face of global energy shocks and high interest rates, the UK labor market has shown resilience. Policymakers are currently voting to keep interest rates unchanged, weighing the risk that the war in the Middle East will once again drive up inflation and the reality of economic weakness.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.