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KPMG: UK Job Placements Plunge at Fastest Rate Since 2009
July 9, 2012
By Kalen Smith, Big4 Blogger
A new report from KPMG has highlighted concerns that the double-dip recession is starting to affect job growth. According to the auditor’s Report on Jobs, placements for new applicants has fallen at the fastest rate since 2009. In addition, the number of job vacancies and temporary hire positions is growing more slowly.
This was the first time in nearly six months that the number of job applications has fallen. After this new report, many experts are starting to feel that the economic contraction may be threatening the stability of the labor market. KPMG analysts argue that if these trends continue, the employment situation could worsen further.
Unfavorable business conditions have played a role in the declining employment situation. However, the economic environment is not the only factor that is playing a role. Employers are also taking longer to make hiring decisions.
Overall, many experts are starting to feel concerned by the ominous employment data. Kevin Green, CEO of Recruitment and Employment Confederation said the data was very depressing. Green said that the unemployment rate could start to rise considerably in the summer when students start graduating and others continue to join the labor force. Other experts are concerned that the worsening debt crisis in the eurozone could hamper job growth further in future months.