UK firms plan to hire staff at fastest rate since 2008
Print Edition
British employers plan to hire new staff at the fastest rate since early 2008, adding to signs that the economy is continuing to strengthen, a quarterly business survey showed yesterday.
The Chartered Institute of Personnel and Development, which represents human resources managers, said its quarterly net employment balance had risen to +14 from +9 in the previous quarter. Hiring is being driven by private-sector firms, while the public sector continues to shed jobs.
The news echoes that in purchasing managers’ surveys which showed that private-sector firms across the services, retail and construction sectors planned to hire staff at the fastest pace since October 2007.
“These results suggest we should see further jobs growth over the summer and autumn,” said Mark Beatson, chief economist at the CIPD.
The performance of Britain’s labor market is increasingly in the spotlight since the Bank of England said it would not raise interest rates until unemployment dropped to 7 percent.
Unemployment was 7.8 percent in the three months to May and the Bank of England forecasts it will not fall to 7 percent until late 2016 at the earliest.
But the labor market proved unexpectedly robust in the aftermath of the financial crisis, and many in the markets think employment could rise faster than the central bank predicts.
Wage growth has been weak, however, and the CIPD forecast that this would continue.
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