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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: CalculatedRisk who wrote (14790)	11/4/2004 8:52:58 AM
From: mishedlo	Read Replies (1) of 116555

UK demand for staff rises to 4-year high in Oct, wage pressures up - Thursday, November 4, 2004 11:38:47 AM afxpress.com (Updating with more details, comments) LONDON (AFX) - Demand for staff in the UK rose again in October, hitting its highest level since Jan 2001 and pushing wages up sharply, according to the latest REC/Deloitte Report on jobs The report indicates a tight labour market situation which should underpin economic growth. Demand for staff increased for the 16th month in a row with rises across the board for all types of employees but particularly for engineering and construction staff. At the same time, the pool of available workers continued to shrink, dropping at the the fastest rate in nearly 7 years Staff placements - both for permanent and temporary jobs - rose for the 17th month in a row and gathered pace from the previous month Employment in the private sector also picked up with modest gains in the manufacturing sector Rising demand for staff revealed widespread skills shortages which put upward pressure on wages Average salaries for people starting new jobs rose for the 15th month in a row. For temporary job placements, wages rose to their highest level since August 1988. However, the rise in pay rates also reflects the rise in national minimum wages. "Companies need to reassess the competitiveness of their reward packages as the battle for top talent continues. Difficulties lay ahead if new recruits demand salaries outside the pay bands for existing staff," said Brett Walsh, European head of human capital at Deloitte. =========================================================== This is bothersome to me Mish

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