Pay pressures in Britain’s labor market cooled further in June, according to a survey of recruiters published on Monday that could help ease some of the Bank of England’s concerns about inflation pressure. | Reuters
Workers cross London Bridge, with the City of London financial district seen behind, during the morning rush-hour, as the coronavirus disease lockdown guidelines imposed by British government encourage working from home, in London, Britain, Jan 4, 2022. REUTERS/Toby Melville/File photo
LONDON – Pay pressures in Britain’s labor market cooled further in June, according to a survey of recruiters published on Monday that could help ease some of the Bank of England’s concerns about inflation pressure. The Recruitment and Employment Confederation and accountants KPMG said increases in starting salaries for permanent and temporary staff were the weakest since April 2021.The BoE, which has raised interest rates 13 times since late 2021 in an attempt to tame the highest inflation rate among the world’s big rich economies, has said it expects pay growth to weaken, easing price pressures.
The monthly REC survey showed the availability of staff rose for the fourth month in a row to 57.6 from 55.6 in May, the steepest month-on-month increase since November 2009 excluding the coronavirus pandemic period.
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