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Saturday 19th of June 2010
March 4, 2009    

Survey reveals record fall in UK vacancies

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by Kay Murchie

With the number of people out of work between October and December 2008 rising to 1.97 million (the highest figure in well over a decade), it’s no surprise that further bad news in the jobs market comes via a survey by the Recruitment and Employment Confederation (REC) who found that vacancies at UK employment agencies are falling at their fastest rate on record.

The REC’s Jobs Vacancies Index slipped to a fresh low in February of 27.6, down from January’s 27.7 - any figure below 50 indicates a decline.

Kevin Green, the REC’s chief executive said it is evident that the UK jobs market has not yet bottomed out.

The survey from the REC, which commenced in 1997, said employers are dealing with the recession by replacing older and more expensive workers for younger staff on lower pay.

Meanwhile, the report also found that pay rates for temporary and contract workers also declined for a fifth consecutive month in February.

However, figures from the Office for National Statistics show that overall pay in the economy is still growing by 3.2% a year. However, several analysts are forecasting that this will fall sharply as unemployment rises.

In related news, London’s FTSE 100 index closed down 113.7 points at 3,512.09 - the lowest level for 6 years as bad news continues to wreak havoc throughout the world.

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