Perm and contract jobs markets continue recovery in October

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Perm and contract jobs markets continue recovery in October

Posted Nov 4, 2009

The latest REC/KPMG Report on Jobs for October 2009 provides further evidence that the worst of the downturn may be over, as the number of permanent and contract roles continues to rise.

Encouraging job market data in October

The key findings from the latest release are:

1) The latest data shows a third successive month of growth in both contract/temp billings and permanent placements during the month. These expansions were at the fastest rate for 16 months (contract) and two years (permanent).

2) October saw an increase in the number of job vacancies, with the demand for permanent staff growing for the first time in 17 months, and the demand for contract/temp workers continuing to grow.

3) Permanent salaries continued to fall slightly during the month, although at slow pace. Contract/temp staff also witnessed the smallest drop in pay for a year. The latest SSL quarterly survey also shows that average contract rates have stopped falling. They are, on average, down 1.1% on the same period in 2008.

4) The rise in availability of candidates for all types of work has continued to rise, most likely due to redundancies, however the rate of increase has slowed markedly, in line with all the other measures highlighted by the survey.

Predictions of 3m unemployed may have been over the top

Commenting on the October data, Kevin Green, Chief Executive of the Recruitment & Employment Confederation (REC), said:

"These figures show that the UK jobs market is on the road to recovery, with signs of improvement for the third month in a row. The demand for permanent recruitment is returning as employers start to hire people at an accelerating rate.

"Confidence is on the rise with permanent placements increasing at their fastest rate in two years and growth of temporary staff appointments at a sixteen-month high.

"Based on the latest findings, we anticipate that unemployment will not reach 3 million in 2010 as some predicted. This again highlights the benefits of the UK's flexible labour market and a balanced attitude towards employment legislation in terms of keeping people in work."

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