UK Recruiting Firms Says Job Market Weaker After Brexit

Recruitment giant Hays has said the UK job market weakened “significantly” around the time of the EU referendum, but it is too early to judge the long-term impact of the vote.

The company also said it had seen “no evidence” of any impact of the vote in markets outside the UK.

Its comments came as it reported an 11% rise in pre-tax profits to £173m for the year to 30 June.

Its profits were driven by strong trading in Asia and the rest of Europe.

In the UK, Hays said net fees were flat, with trading “more challenging” towards the end of its financial year, which coincided with the run-up to the EU referendum.

Conditions were particularly challenging in local government and healthcare markets in the UK.

Hays also said conditions were tough in banking in the City of London, and there were weakening trends in the construction and property business towards the end of the financial year.

Hays chief executive Alistair Cox said: “Following the EU referendum, there is increased uncertainty in the UK market, but we have seen no evidence of any impact elsewhere.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza