It is going to be a bad week for unemployment in the UK and more bad news this morning from The Chartered Institute of Personnel and Development (CIPD).
Their assessment of the The UK labour market is that it faces a "slow, painful contraction" with firms delaying recruitment of more staff.
They also predict that the jobs market would worsen in the medium term amid global economic "turmoil"
Its quarterly survey of 1,000 employers found firms' future hiring plans dwarfed by likely public sector losses.It found employers adopting a "wait and see" policy towards the economy.This involved reduced recruitment as well as fewer redundancies.
The number of UK employers planning to outsource work overseas or hire migrant workers had also fallen substantially in the last three months, the survey found.The CIPD said the employment situation could worsen if the eurozone crisis thrust the world back into recession.
Source BBC News