We said in our first January blog that all the indications were there regarding an upturn in the job market – how right were we?! The Recruiter magazine has just released the following article:
Permanent jobs on the way up
The UK recruitment industry is poised for a recovery in the permanent jobs market following this morning’s announcement that unemployment fell to 7.1% between September and November 2013, according to a recognised economist and recruitment industry consultant.
The figures confirmed the pace of the UK’s economic recovery, as unemployment fell by 167,000 to 2.32m compared with the previous quarter, and the number of those in work soared by 280,000 to 30.15m, the largest rise since records began in 1971.
The figures, which compare the three months to the end of November 2013, with previous quarter between June and August 2013, reveal that 220,000 of the 280,000 new jobs were full time, reversing a previous trend that had seen many people forced to take part-time work.
Unemployment was down 167,000 quarter-on-quarter, the largest fall since 1997 and the lowest level since April 2009.
A compiler of Recruiter’s HOT 100, tells recruiter.co.uk: “Overall these figures confirm that the UK’s economic recovery is now really beginning to benefit the labour market. As a whole, workforce temporary employee levels are now broadly stable and the employment climate is improving so much, the recruitment industry will be poised for a recovery in the permanent market, as well as a continuation of some temporary growth.
“The only ‘negative’ perhaps is that unemployment is improving so quickly that the Bank of England will soon be freed by its own guidance to raise interest rates whenever it sees fit – certainly sooner than originally predicted.”
John Salt, website director at totaljobs.com, adds: “Today’s figures are further proof of economic improvement. Employers should recognise this as a signal to invest in people and take advantage of the recent growth.
“Jobseekers should now be more confident of finding employment in 2014 as growth forecasts are revised upwards for this year. The government will look to capitalise on this positive data as they continue preparing the next Budget, which should include further incentives for businesses to take on staff.”
The prime minister tweeted in response to the news, saying: “The biggest quarterly increase in employment on record. More jobs means more security, peace of mind and opportunity for the British people.”
Today’s figures come as PwC’s Global CEO Survey, launched at the World Economic Forum in Davis yesterday, indicated that UK bosses are the most confident in the world, with 65% saying they plan to increase their company’s headcount this year, compared to 45% in 2013.
All sounding like a pretty good start to 2014!