Job Market Monitor
United Kingdom
The Grad Job Market in UK – Not fully recovered despite drop in unemployment
The recent annual Destination of Leavers of Higher Education survey confirmed that graduates who left university last summer entered a rather better jobs market than their peers from the year before. As the Higher Education Statistics Agency (HESA) shows with this chart, the overall employment rate for UK and EU graduates from a full-time first … Continue reading
UK – Take account of unemployment before raising interest rates says TUC to Bank of England
TUC boss Frances O’Grady has urged the government to widen the Bank of England’s remit to take account of unemployment before Threadneedle Street considers raising interest rates. Speaking before the start of the TUC’s annual congress, when the Bank governor, Mark Carney, will make a speech, O’Grady said the success of the Bank’s interest rate … Continue reading
Gender Gap in UK – Women to take two-thirds of high-skilled roles over next six years says UKCES
An increase in the gap between women’s and men’s qualifications will see women take two-thirds of high-skilled jobs across the next six years, according to the UK Commission for Employment and Skills (UKCES). The report, UK Skills and International Competitiveness, predicts that by 2020 49% of women will have degree-level qualifications, up from 38% today. For men … Continue reading
UK – A record number of people are looking for extra hours to top up their wages finds Trades Union Congress
The number of people who are under-employed has increased by nearly 100,000 over the last two years, according to new analysis published by the TUC today (Wednesday). The analysis shows that while unemployment has fallen by over 400,000 since early 2012, under-employment has risen by 93,000. And at 3.4 million the current level of under-employment … Continue reading
UK Monetary Policy – Labour market data “give one a better steer about the evolution of spare capacity than output growth alone says Ben Broadbent
Since the financial crisis “labour productivity has stagnated”, this has inevitably made the MPC “less confident about any forecast of productivity growth over the next few years” and meant that “output data are no longer sufficient statistics for inflationary pressure”. Ben argues that labour market data “give one a better steer about the evolution of … Continue reading
UK – A massive fall in self-employed earnings
Where there is no argument, though, is on the massive fall in self-employed earnings. The ONS estimates a 22 percent drop in pay since 2008. This is consistent with the Resolution Foundation’s findings and the HMRC figures I discussed earlier this year. As ONS says, the self-employed may under-state their income in surveys but they have … Continue reading
Over-65s in UK – More than one million are working
The number of employees over the age of 65 has jumped 36% to 1.09 million since 2010, according to research by Saga. The Coalition abolished the default retirement age of 65 when it came to power, which has led to the proportion of over-65s in the workforce increasing from 3.4% to 3.6% over the past … Continue reading
IT skills gap in UK – A growing interest in alternatives to university education like apprenticeship
There is also a growing interest in alternatives to university education, both from an employer and student perspective. In March 2014, to tie in with National Apprenticeship week, companies including BT, ITV and Virgin Media announced apprenticeship schemes, creating a total of 20,000 openings for apprentices. Mark Ridley, director of IT at online recruiter Reed.co.uk, said … Continue reading
UK – Employment rate for people aged from 16 to 64 near record high but regular pay annual growth rate lowest on record
Key Points for April to June 2014 Comparing the estimates for April to June 2014 with those for January to March 2014, employment continued to rise and unemployment continued to fall. These changes continue the general direction of movement over the past two years. There were 30.60 million people in work, 167,000 more than for … Continue reading
UK – Becoming the self-employment capital of Europe
Whether they are a growing underclass or a sign of the UK economy’s bright future, the growing army of self-employed warrant our attention The UK workforce has expanded rapidly over the last year, with the working-age employment rate reaching historically high levels and net job creation of over 900,000 in the year to April 2014. … Continue reading
UK – White collar are responsible for bringing out of the economic slump
The make up of the UK workforce is fundamentally different to that of 60 years ago. White collar roles dominate the marketplace, and there is strong evidence these workers are responsible for bringing the UK out of the economic slump. Despite a strong political focus on technical, manufacturing and construction initiatives over the past five … Continue reading
UK – Starting salaries are stagnant
Starting salaries are expected to remain low for the rest of the year after a wide ranging jobs survey found only 2% of employers handed an above-inflation pay rise to new recruits in the last year. Only 20 out of 1,000 employers said they had paid a significant rise to new workers, adding to concerns … Continue reading
Getting Older in UK – Salary down by £400 per year in 50s
Employees reach their highest average earning potential in their 40s, with a possible salary drop of £400 per year in their 50s, according to research by Friends Life. The research is based on Office for National Statistics (ONS) figures analysed by age and sector. It reveals the average salary for senior managers and directors between … Continue reading
UK – The recovery is over as the comes economy back at pre-crisis level
Key points (ONS) Change in gross domestic product (GDP) is the main indicator of economic growth. GDP increased by 0.8% in Q2 2014, the second consecutive quarter on quarter increase of 0.8%. Output increased in two of the four main industrial groupings within the economy in Q2 2014 compared with Q1 2014. In order of … Continue reading
UK – To the record rate of employment set in 2005 says rime Minister David Cameron
Prime Minister David Cameron said this was now equal to the record rate of employment set in 2005. “Today’s figures show more people have the security of a job than ever before. Full employment is a key aim of our long-term economic plan,” he said. via BBC News – UK unemployment falls to six year … Continue reading
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