London’s labour market is stuck at a “standstill” as firms hold back expansion plans despite signs the UK economy is picking up pace, a new survey has shown.
Job vacancies and placements across the capital hit fresh lows through June as job openings recorded their 16th consecutive month of contraction, according to a survey compiled by S&P Global for KPMG and the Recruitment and Employment Confederation.
In its latest labour market pulse check, S&P Global recorded a reading of 47.6 for London’s jobs market. Any reading reading below 50 indicates contraction.
Permanent placements also slumped again to 46.6, with the latest figures marking 21 months since the last positive reading in September 2022.
Anna Purchas, Vice-Chair and London Office Senior Partner at KPMG, said firms may have hit pause on expansion plans as the country was gripped by uncertainty surrounding the snap election in early July.
✍️ Charlie Conchie
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