Market Loop - Employers put the brakes on hiring

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8th August 2022

Bite-sized business news from the UK and beyond

Good morning Over the weekend the English Premier League returned celebrating its 30th anniversary this season. By most metrics, the Premier League has outpaced all other football leagues when it comes to revenues generated, viewership and the transfer market.

Back in 1992 Sky Sports outbid ITV to win exclusive rights for five year deal worth £304m. The latest broadcasting deal was worth £5.1bn.

Today's stories

Employers put the brakes on hiring
Amazon takes further steps to smarten up your home

ECONOMY
Employers put the brakes on hiring

What happened?
Last month hiring in the UK slowed to its lowest level in 17 months, according to the latest jobs report from the Recruitment and Employment Confederation.

The gloomy outlook for the UK economy has created uncertainty for employers
On Thursday the Bank of England warned that the UK is likely to fall into a recession later this year that lasts for the whole of 2023. The bank raised interest rates by 0.5%, the biggest increase since 1995, to 1.75% to cool soaring prices.

Against this backdrop employers are being more cautious around hiring decisions, the REC says. The survey data for July pointed to slower increases in both permanent and temporary staff appointments. The murkier outlook also meant that temp hiring was stronger than permanent staff.

But it’s still a good time to be jobhunting - the number of vacancies advertised has continued to grow in July. Although the fastest rate of growth in vacancies was for temporary positions in the hospitality sector.

Getting workers to fill vacancies remains an issue
The REC says that skills shortages, a reduced supply of foreign workers and greater hesitancy among some people to apply for new roles led to a further drop in the supply of candidates.

Nevertheless, the ongoing imbalance between the supply and demand for workers and the cost-of-living crisis drove further sharp increase in starting pay.

Other stories to keep you in the loop

UK house prices fall for first time since June 2021, says Halifax
Energy bills: Charities warn people against not paying
Liz Truss accused of second U-turn over cost of living ‘handouts’
US job growth surges cooling recession fears
Asda and Deliveroo partner up for rapid grocery delivery roll-out
Next swoops for stake in struggling lifestyle retailer Joules
Hargreaves Lansdown to launch new funds as profits tumble
Cambridge Satchel Company sold to textiles firm

TECH
Amazon takes further steps to smarten up your home

What happened?
On Friday Amazon announced it would buy iRobot, the maker of the Roomba vacuum and other home robots, for $1.7bn. iRobot products surged in popularity early in the pandemic as people looked to keep their homes tidy, but sales have dropped since.

What’s behind the move?
The acquisition is a major step in Amazon’s goal of dominating home robotics (see Alexa voice software, Echo smart speakers and Ring doorbells which is bought in 2018).

Just like Apple locks you into their ecosystem with tech that works together seamlessly, Amazon is striving to do the same with the things in your home—think of your Roomba starting to vacuum when your Ring detects you’ve left the house.

Amazon’s own household robot assistant Astro, hasn’t taken off yet. iRobot’s products are somewhat of a backup plan.

Why it matters: Amazon is expanding the range of products that can collect your data. The Roomba, with its array of sensors and cameras that map every inch of your house, will add to that information arsenal. But critics are worried about the personal data you’ll give up in the process.

Stat of the day

20% of British nightclubs have closed since the start of the pandemic

Interesting links from around the web

How to minimise distractions when you work from home
6 self-care tips backed by science
How to reach 10,000 steps a day without going for a walk

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Market Loop - Employers put the brakes on hiring

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