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The survey is barely above the 50 dividing line between growth and contraction and adds to a run of lacklustre economic indicators since finance minister Rachel Reeves announced the biggest tax rises since 1993 in October. “Nearly one-in-four survey respondents saw an overall decline in their payroll numbers.
Workers also grew more confident in the labor market, with resignations posting their largest increase in nearly 1-1/2 years. Hires fell by 269,000 to 5.313 million, pulled down by declines in construction, manufacturing, finance and insurance, professional and business services as well as the leisure and hospitality industry.
This was consistent with surveys showing consumers becoming less confident about the jobs market. There were also fewer postings in manufacturing, finance and insurance as well as state and local government education. Hiring declined in the retail, finance and insurance sectors.
However, REC chief executive Neil Carberry saw signs that the drop in hiring was easing, even as employers faced up to higher social security contributions ordered by British finance minister Rachel Reeves which came into effect this month. Accountancy firm Deloitte said its gauge of consumer confidence rose by a marginal 0.3
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