The employment recovery is set to slow sharply, according to this summer's Labour Market Outlook survey of over 1,000 employers from CIPD and KPMG. On average, growth in hiring intentions have been reported throughout the past year, but a more sombre outlook is now being driven by a fall in confidence among private sector employers, particularly in manufacturing.
Figures for the next 3-months show that the private sector will grow (+23), but at a less solid pace than the previous quarter (+32). The fall in confidence is particularly marked in the manufacturing sector, which has decreased to +11 from +32 three months ago. Confidence in the public sector remains at the same negative level as last quarter (-51 compared to -52). The voluntary sector remains just in the black (+7 compared to +6).
Regional differences are just as stark as those between the employment sectors, with survey findings pointing to a further widening of the north-south divide. The three-month net employment balance for the south of
Gareth Osborne of APA said: "Increasing uncertainty about prospects in both the UK and global economies is now severely affecting hiring intentions; particularly in those industries such as manufacturing that stand to lose most in the event of a global slowdown. This will concern the government as it attempts to rebalance the economy towards exports and investment.
APA
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