Bank of Scotland see's significant increase in contractor rates of pay
Contractors will be pleased to hear that the latest Bank of Scotland’s Report on Jobs has revealed that the number of temp billings and rates of pay have increased over July.
At 60.3, the July Bank of Scotland Labour Market Barometer – a composite indicator designed to provide a single figure snapshot of labour market conditions – rose to its highest level since September 2007. The Barometer, posting above the 50.0 no-change mark and up from 58.5 in June, suggested a marked improvement in Scottish job market conditions.
The Report on Jobs has shown great results for contractors based in Scotland, as temp hourly pay rates have increased at the sharpest pace since data collection began in January 2003.
The figures have also shown that average billings from contractors and other temporary staff have increased modestly.
In terms of regional differences, Aberdeen-based recruiters recorded the strongest increases in temporary staff placements, and the fastest rates of inflation for temp hourly pay were recorded in both Edinburgh and Dundee.
Seven employment sectors posted a larger number of temp vacancies in July, led by the nursing/medical/care sector and closely followed by the engineering & construction and IT & computing.
Donald MacRae, Chief Economist at Bank of Scotland, said, “July’s Barometer rose to its highest level since September 2007.
“The number of vacancies for both permanent and temporary jobs increased strongly. Vacancy growth was marked in the engineering and construction sector.
“These results suggest rising business confidence is translating into a continuation of the recovery in the Scottish economy this summer.”
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