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Early Friday, Reuters came out with the news relying on the survey by the Confederation of Business Industries (CBI) to suggest further hardships for people searching for jobs in the UK.

Key quotes

Far more British businesses than last year are planning to cut recruitment of new staff or freeze hiring entirely over the next 12 months, following the hit from the coronavirus (COVID-19) pandemic.

The annual report from the Confederation of British Industry and the Pertemps Network Group recruitment consultancy showed 51% of companies planned to maintain or increase recruitment next year, while 46% foresaw a reduction or a complete stop.

The net balance of +5% compared with +56% in last year’s survey.

‘The UK labor market has been under heavy stress since the outset of the Covid-19 crisis and, although the economy has started to re-open, pressure on firms remains acute,’ said Matthew Fell, the CBI’s chief policy director.

FX implications

GBP/USD stays depressed around 1.2960 by the press time of pre-London open. As the pair traders are waiting for the UK’s August month Retail Sales numbers, nothing matters more.

Read: When are the UK retail sales and how could they affect GBP/USD?