Jobs market on brink

The UK’s labour market is facing an impending contraction, as businesses look to delay the recruitment of new staff, a report by the Chartered Institute of Personnel and Development (CIPD) has predicted.

As the eurozone remains unstable, amidst the financial crises in Greece and Italy, businesses are increasingly deciding to “wait and see” about when to employ; of 1000 employers surveyed, future hiring plans will result in a big net loss in jobs when compared to likely job losses in the public sector.

Though it wasn’t all bad news for the jobs market, with businesses surveyed commonly making fewer people redundant and outsourcing less work overseas.

The real state of the UK’s jobs market near the end of 2011 will be revealed on Wednesday, when the latest unemployment figures are published. It is widely expected that the amount of 16 – 24 year olds out of work will total over a million as the extremely slow economy recovery continues to stumble along.