Workers less secure in their jobs

Fri 29 Aug 2008 at 5:02 PM

Workers now feel less secure in their jobs, new research has revealed.

The latest Consumer Barometer from Lloyds TSB Corporate Markets found job security fears intensified in August.

Its balance of respondents who felt more rather than less safe in their current post dropped for the sixth month in a row to -19 per cent from -17 per cent.

Chief economist Trevor Williams also noted recent price cuts have failed to slow inflation and consumers expect it to continue to rise.

"The knock-on effect of this trend is that people will negotiate for higher pay rises and retailers will try harder to hike prices because the climate is more lenient towards inflation," he added.

The bank's monthly report found on average consumers predict inflation will hit five per cent in 12 months time.

Its monthly study did find consumers more positive when considering employment prospects – one per cent more felt prospects are better rather than worse than 12 months ago.

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