UK Jobs Market Shows Signs of Stabilisation in July

The UK's jobs market has shown tentative signs of stabilisation in July, according to a survey by the Recruitment and Employment Confederation (REC) and accountants KPMG. The monthly gauge of permanent job placements increased to 50.0 from 49.1, ending a 45-month downturn.

The survey's temporary staff placements gauge came in at 51.9 in July, down from 52.7 in June. Availability of temporary staff increased by the smallest amount since May 2023, while temporary vacancies increased for the first time in two years.

Wage growth in pay for people newly hired to permanent roles was its strongest in six months, while those for temporary roles hit a 26-month high. The Bank of England policymakers are closely watching pay pressures in the economy.