The UK job market has bucked the trend of doom and gloom and is now a third healthier than it was in 2010, according to the latest figures. The Reed Job Index has shown the jobs market in the UK has confounded naysayers and is in fact recovering at a good rate amongst many different sectors of the economy.
This is the largest monthly measure of conditions and trends in the job sector of the UK. The Index shows that the market has grown by 3% compared to last month. When compared to this time last year, the difference is even bigger – figures show that today the job market is 12% healthier than this time last year.
This is a positive trend across the majority of sectors in the UK economy, showing it’s a widespread occurrence and isn’t just propped up by one or two strong business sectors. 76% have grown month on month, and 91% are stronger than they were in January last year. The strongest sectors were social care, education, health and medicine.
There’s also a good picture coming from the different regions of the UK. 11 out of 12 regional areas’ employment figures grew on both a monthly and annual basis. One good example of this comes from the North East – there are not over 30% more opportunities there now when compared with this time last year. Indeed, a further 8 regions experienced growth of 10% or more.
A steadily strengthening jobs market is of course good news for the UK economy. Despite predictions of a triple dip recession, the growing strength of the jobs market for many UK businesses shows that growing business confidence could be returning and any recession is likely to be a ‘technical’ recession – two consecutive quarters of marginal negative economic growth – rather than the depths of the financial crisis.