In Hiring Intentions Lowest In 17 Years I spoke on the Job situation in the US.
This post is about job prospects in the UK and worldwide. Please consider UK Jobs outlook weakest for nine years.
The outlook for the UK jobs market is the weakest for almost a decade with employers freezing new recruitment as business confidence plummets, according to worldwide research published on Tuesday.
A survey of more than 55,000 employers in 33 countries by Manpower, one of the world’s biggest recruitment companies, reports that hiring intentions in the UK in the final quarter of this year are the weakest since the beginning of 1999.
The jobs market, however, is faltering globally. Employers in three-quarters of the countries surveyed reported that hiring intentions were weaker than three months ago while two-thirds said that they were worse than a year ago. The outlook for recruitment is worst in Spain, Ireland and Italy.
Manpower warned that “more businesses will be reducing staff numbers than increasing employees in the run-up to Christmas” with more than 80 per cent of companies “taking a wait and see approach to their recruitment”.
Almost a third of employees fear losing their job as economic news has worsened and recession looms, according to a survey by YouGov published on Monday. The survey of 1,500 employees also reported that 48 per cent fear that they will not receive a pay rise next year. Over one in three employees would consider either moving to work abroad or moving elsewhere in the UK for work.
Andy Brown, managing director of Organisational Consulting at YouGov, said: “Fears around job losses, stagnating wages and poor job opportunities have risen very sharply in the past few months. But in a positive response, many British workers seem prepared to ‘get on their bike’ to find work.”
Deflationary Hurricanes Hit
This is additional support for my thesis Deflationary Hurricanes to Hit U.S. and U.K.. The only thing I would change would be to say Deflationary Hurricanes ARE Hitting U.S. and U.K.
Manufacturing Contraction In China
Inquiring minds may wish to note that China Manufacturing Contracts for Second Month.
Adding it all up, the proper conclusion is that we are headed for a global recession and there is not a thing central bankers can do about it.
Mike “Mish” Shedlock
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