The manufacturing and construction sectors have suffered the biggest loss of jobs since the eve of the recession, while finance and business services is the only sector with a bigger workforce today, according to a TUC analysis published today (Tuesday) ahead of a busy week of economic indicators.
The TUC analysis looks at industries including construction, manufacturing, retail, hotels and restaurants, and the finance and business services sector.
The analysis finds that the types of jobs that account for over half of all youth employment – manufacturing, construction and retail, hotels and restaurants – have shed nearly a million jobs since 2007.
The number of manufacturing jobs fell by 14 per cent between the last quarter of 2007 and the last quarter of 2011, a loss of 406,000 jobs. The construction sector had the next biggest fall losing 281,000 jobs (12 per cent of all construction jobs).
The retail, hotel and restaurants industry has lost 221,000 jobs since the end of 2007, a fall of three per cent. Four in ten young workers are employed in this sector, compared to just one in six workers over the age of 25.
Finance and business services is the only sector to have expanded since 2007, gaining 98,000 jobs (up two per cent) over the last four years.
The relative health of finance and business services has helped to boost pay for workers in this industry. Wages have increased by 11.3 per cent since 2007, compared to an increase of just 0.2 per cent in construction and 6.7 per cent in retail, hotel and restaurants.
However, with RPI inflation increasing by 13.5 per cent over the same period, the wages of all workers have fallen in real terms.
The TUC analysis comes ahead of the latest inflation figures published later this morning, as well as pay and jobs figures published tomorrow…
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