Economics
U.K. Job Recruiters Say Wages Rising Because of Fewer Applicants
- Candidate availability fell by fastest rate since 1997: REC
- Starting pay rose at the sharpest pace over same period
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Demand for staff in the U.K., driven by a lack of applicants for jobs, led to a record pay increase for workers starting new jobs in October.
The Recruitment & Employment Confederation and KPMG, whose survey of 400 recruiters and employment consultancies is a closely-watched indicator of the labor market, found that candidate availability dropped at one of the fastest paces on record in the report’s 24 year-history. That drove a record increase in starting pay during the same period.