Reed warns of impending recession following jobs fall

The UK is heading for recession, warns James Reed (pictured), chairman of recruitment giant REED.

Reed’s warning follows new data from the Job Index, which shows number of advertised vacancies fell by 2.3% in Q2 2019, compared to the same quarter last year – the largest percentage drop on since 2010.

The hospitality and catering sector saw the biggest annual decline, with new job vacancies 24% down compared to Q2 2018, followed by education which witnessed a 10% drop.

Commenting on the figures, Reed said: “Worrying storm clouds are forming around the UK’s job market. The largest fall in jobs since 2010 on the REED website is a clear sign that the canary has fallen off its perch and that we are heading for a recession.

“The next prime minister will come to captain an economy with fewer job opportunities amid a national economic slowdown.

“A fiscal stimulus is required to kick-start the British economy. By providing targeted corporate tax cuts and giving British workers the pay rise they deserve, the economy can be supercharged back from the brink and job opportunities can begin picking up again.

“Johnson or Hunt, the next PM has a mammoth task ahead of them. Brexit won’t be their only headache; stimulating the economy to avoid a recession should also be a priority.”

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