British Companies Accelerate Hiring as Economy Unlocks
(Bloomberg) -- U.K. firms stepped up their hiring spree in June as the government prepared to remove remaining restrictions on the economy.
New data from networking website LinkedIn shows hiring rose 7% from May to stand almost 16% above June 2019 levels. Demand for staff was strongest in sectors with greater reliance on in-person contact, including wellness and fitness, health care and retail. Construction hiring also surged.
The figures represent an “encouraging milestone in the nation’s recovery journey,” said LinkedIn senior economist Mariano Mamertino. “It is particularly reassuring to see that sectors which have been hardest hit by the restrictions -- such as travel and hospitality -- are investing in people to meet increased demand for services as the country opens up once more.”
The boost came a month after indoor hospitality and the entertainment sector followed non-essential stores out of lockdown. On Tuesday, Prime Minister Boris Johnson confirmed that the final liberation of the economy will go ahead as planned on July 19, despite a surge in Covid-19 infections.
The reopening is exacerbating labor shortages and putting pressure on British firms to up their wages, fueling concerns that the recent pickup in inflation could prove more persistent than first thought.
©2021 Bloomberg L.P.