Job security for British workers fell to a three-and-a-half-year low across all sectors except IT and telecommunications, according to new data from S&P Global’s UK consumer index.
The findings were based on a panel of 1,500 UK households. The level of job insecurity among UK consumers was at its highest since February 2023, while consumers reduced large purchases amid renewed expectations that borrowing costs might rise.
Retail workers report greatest concern
Retail workers reported the greatest concern about job security among the sectors surveyed by S&P Global in September.
The retail sector faced pressure from higher employment costs, weaker consumer spending and supply-chain disruptions linked to the Iran war. UK consumers were also reluctant to spend on expensive purchases including cars, holidays and household appliances.
The overall UK consumer sentiment index fell from 42.9 in August to 42.7 in September. S&P Global said the reading indicated “notable strain on financial confidence across UK households”.
Downbeat mood spreads across households
S&P Global economist Maryam Baluch said September’s data showed a downbeat mood spreading across UK households, as improved sentiment towards the new government was eroded by renewed concerns about energy prices, the cost of living and job prospects.
Hiring in the City was 32 per cent lower than in January 2019, according to June data from LinkedIn. The LinkedIn hiring data also indicated that higher interest rates and corporate cost-cutting weighed on firms that dominate London’s labour market.
Source: City AM
