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UK Jobs Outlook Hits Lowest Level in Three Years

UK Jobs Outlook Hits Lowest Level in Three Years

Four out of five employers in the UK say they have no plans to hire more workers as hiring expectations fell to their lowest levels in three years, according to a recent survey conducted by Manpower.

BBC News reports the survey, which examined 2,100 employers, found finance and business services were among those expecting to limit hiring plans over the next three months.

"The 2012 jobs market sits on a knife edge," Manpower's UK managing director Mark Cahill said in a statement. "Employers have now adopted a wait-and-see approach to hiring; they are cautious about the economy and the fear of a euro-wide contagion is weighing heavily on their minds."

CFO World reports the seasonally adjusted employment outlook in the UK dropped to zero for the first quarter of next year, the lowest reading since the fourth quarter of 2009.

Apart from finance and business services, construction was one of the least optimistic sectors in the UK survey, Manpower said. Utilities companies and manufacturers, on the other hand, did show some signs of confidence, according to CFO World.