Wage growth 'falls from 9-year high'
5 September 2007 15:12
Wage growth in the UK slowed during August, according to new figures from the Recruitment and Employment Confederation (REC) and KPMG.The index showed that salaries for permanent employees decreased to 61.5 last month, falling from the nine-year high of 65.3 seen in July.
Figures revealed that demand for staff also eased, from July's seven-year high of 64.1 to a score of 60.1 in August.
However, REC chief executive Helen Reynolds told Thompson Financial that any figure above 50 indicated positive growth.
"The high demand for staff remains strong across many sectors and the global demand for skilled workers is intensifying," she said.
Meanwhile, Alan Nolan of KPMG commented that "it is no surprise" that growth for employment was slowing, "given recent interest rate hikes and stock market uncertainties".
The REC's membership consists of more than 8,000 recruitment agencies and 6,000 recruitment individuals.
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