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Hays Confirms Slowdown In UK Employment Market

News that Hays, the recruitment consultant, has posted increased profits of £264 million for the year to 30th June is masking the real impact which the group is feeling in the UK. Much of the 25% increase in net profits has come from overseas operations although the UK division did post a rise of some 7%. So what is going on in the labour market?

The group is suggesting that the current employment environment in the UK has not been as bad since the 1980s and early 1990s when employment rocketed. As we might have guessed it seems the residential building sector has been hardest hit, collapsing in a matter of weeks and showing no improvement. There are also growing signs of a slowdown in the financial sector.

Hays has also seen demand for part time and full time placements fall over the last few weeks and do not see any immediate recovery in the sector. As we have mentioned on a number of occasions there is an historic lag between the slowing of an economy and the rise in unemployment. Quite how long this rise in unemployment will continue for remains to be seen but it will be well into next year and possibly beyond.

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