You are here: Home - Insurance - News -

Unemployment ‘could hit 3 million’ due to Eurozone uncertainty

0
Written by:
09/07/2012
Uncertainty over the outcome of the Euro area debt crisis is influencing the UK jobs market, as employers take longer to hire new people.

The number of permanent jobs saw a sharp drop in June as employer confidence is eroded by the Eurozone crisis, according to a new report.

The Recruitment and Employment Confederation (REC) and KPMG jobs survey showed that the number of permanent placements fell at the sharpest rate in almost three years in last month. The permanent job placement index fell to 48.6 points, from 51 in May.

Bernard Brown, head of business services at KPMG added: “The real worry is that the acceleration in the pace of decline suggests this isn’t a mere blip – if this trend were to continue, there’s a very real chance we could hit a 3 million unemployed figure in the UK in the not too distant future.”

The Eurozone crisis is also said to have hurt employer confidence, with many employers taking longer to make decisions over hiring. The number of temporary placements have also declined for the seventh month, while average salaries for both permanent and temporary employees remained more or less unchanged.

REC chief executive Kevin Green said: “A decrease in hiring activity means we could see a period of increased unemployment, especially as a new wave of school leavers and graduates will be entering the labour market over the summer.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
2190161-brussels-parliament
Brussels to act over LIBOR scandal

Brussels is proposing new rules to prevent the manipulation of LIBOR as part of a crackdown in the wake of...

Close