Hiring and Firing
The DoE has warned of the prospect of unemployment rising by 250,000. This coincides with the publication of a report by the Recruitment and Employment Confederation showing a sharp drop in the level of permanent hiring. However, this appears to be evidence of a wait and see approach, rather than reflecting expected contraction, with the level of temporary recruitment reported to be rising. Unemployment (5%) and workforce participation (74%) in the UK remain some of the strongest globally, according to WEF statistics.