Positive news in the employment sector
The UK recruitment Industry is poised for an economic recovery in the permanent jobs market, which everyone has been looking forward to.
- The recent announcement that unemployment fell to 7.1% between September – November 2013 according to Sue Dodd an Economist and recruitment industry consultant.
- The figures confirmed are showing the pace of the UK economic recovery as employment fell by 167,000-2.32 million compared with the previous quarter.
- The number of those in work soared by 280,000-30.15 million the largest rise since records began in 1971.
- The figures that compare to the 3 months to the end of November 2013 with the previous quarter between June-August 2013 out of 280,000 220,000 were full time.
- The PWC global CEO survey indicated that UK bosses are the most confident in the world, 65% saying they plan to increase their company’s head count this year compared to 45% in 2013.
- The Bank of England have no immediate plans to raise interest rates, they sought to ease fears after jobless fell to 7.1% in 3 months to November from 7.4% economists were expecting a modest fall of 7.3%.
The monetary policy committee said “We expect the recovery to have broadened out into the export market and investment and real wages to be growing again”.
This is a reversal of the previous trend that saw many people forced to take part time work. Dodd Director of Agile Intelligence compiler of recruiter HOT 100 tells recruiter.co.uk, “These figures that the UK’s economic recovery is now beginning to benefit the labour market. As a whole the workforce temporary employee levels are now stable and the employment market is improving in the permanent market".
The TUC report showed that London the capital of the UK is taking the largest share in the national income. Ahead of the South East outstripping the rest of the country. The rest of the country is yet to catch up with the growth in London.
John Salt website director at totaljobs.com,”Figures are further proof of economic improvement. Employers should see this as a signal to invest in people and take advantage of recent growth. Job seekers should be more confident of finding employment in 2014 as growth forecasts revised upwards for this year. Government will capitalise on this positive data as they prepare the next budget which should include incentives for businesses to take on staff”. The Prime Minister David Cameron tweeted a response to this positive news, “The biggest quarterly increase in employment. More jobs means, more security, peace of mind and opportunity for the British people”.
Philip Shaw an economist at Investec “We gain the impression that the (MPC) Monetary policy committee does not want to raise rates perhaps it will bring the unemployment threshold down”. The employment minister Esther McVey said, “It’s clear the governments long term plan to get people off benefits and into work, so they secure their future is proving successful”.
The rise in employment is showing the recovery process is well under way and the worst is over. The numbers in work are at the highest level, partly explained by the rise in the working age population, also long term youth employment are both falling.
Optimists believe that the pay and productivity will recover overtime and this long overdue improvement in growth has shown that. Hopefully businesses future is looking brighter and the economy will make a full recovery in the near future. There are sufficient indicators of a return to prosperity.