UK Economy Shows Slowdown Signs As Recruiters, Shoppers Turn Wary

www.oann.com | 11/9/2018 | Staff
doona07 (Posted by) Level 3
LONDON (Reuters) – British employers and shoppers are turning increasingly cautious, indicators showed on Friday, suggesting two of the drivers of the economy during the Brexit crisis are losing momentum.

In a week when business surveys pointed to a contraction in overall output in the second quarter, the latest signals from Britain’s boardrooms and high streets underscored the extent of the slowdown following a strong start to 2019.

Companies - Brexit - Deadline - March

That was when many companies were rushing to prepare for the original Brexit deadline in March.

The latest figures showed that the subsequent slowdown in the economy was not just payback for the stockpiling surge.

Number - People - Jobs - Recruitment - Firms

The number of people hired for permanent jobs via recruitment firms in Britain fell for a fourth month in a row in June, recruitment industry group REC said on Friday.

The figures represented a stark contrast to the robust hiring activity in 2018.

Brexit - Stagnation - Jobs - Market - Slowdown

“Brexit stagnation continues to seize up the jobs market as the slowdown in recruitment activity continues,” said James Stewart, vice chair at KPMG which produces the report with REC.

For temporary staff, hiring rose marginally in June, marking the weakest patch of growth since May 2013, when Britain’s economy began to emerge from the after-effects of the global financial crisis.

Britain - Labor - Market - Strengths - Economy

Britain’s labor market has been one of the strengths of the economy since the 2016 Brexit referendum.

Unemployment fell to its lowest rate since 1975 at 3.8% in the first quarter of 2019, according to official data.

Economists

Many economists have linked the...
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