The KPMG-REC Report on Jobs showed less tightness in the labour market with reduced permanent placements and pay growth slowing to the weakest rate since March.

• Permanent staff placements declined again in August, at the fastest pace since March. This is amid reports of reduced demand amongst companies for new staff. Temporary placements edged down for the second consecutive month, albeit only marginally, with permanent placements having been weaker for a number of months now.
• Permanent salaries continued rose at the weakest pace since March. The press release notes it is "at a rate below the survey's historical trend" again this month. Further it notes "Starting pay was generally raised to attract candidates, especially for positions where supply was limited."
• Temporary staff pay rose at the weakest pace of increase in three and a half years.
• The "availability of staff" index continued to show an increase of workers - with the report citing both lower vacancies and higher redundancies.
• These data come before the official ONS labour market data is released tomorrow morning (and ahead of next week's MPC meeting). Without significant surprises in upcoming data is remains unlikely we will see a September cut but today's release continue to support the view that the overall labour market is becoming less tight and hence seem to cement a November cut, and also arguably make a further cut in December appear more likely.
• Data were collected August 12 - 23.