PRN: Latest Jobs Numbers at Odds with GDP Picture
Latest Jobs Numbers at Odds with GDP Picture
LONDON, August 6, 2012 /PRNewswire/ --
Latest figures from the Reed Job Index paint a significantly healthier picture of the state of the UK economy than the most recent GDP numbers would indicate.
The monthly measure of conditions and trends in the jobs market, the largest of its kind in the UK, shows that the number of new job opportunities in July grew by over 2.5% month on month and an impressive 13% year on year. Indeed, the majority of the nation's employment sectors (68%) are now posting significantly more jobs than last month with three quarters (74%) enjoying a more buoyant year for new positions compared with 2011.
Overall, the Reed Job Index now stands at 138 compared with 134 in June and 122 this time last year. Sector-wise, the figures show that social care and energy roles fared strongly month on month, with health and medicine, motoring and automotive, and hospitality and catering showing strong year on year growth.
Around the UK, the picture is equally encouraging with 10 out of 12 regions posting monthly jobs growth and all regions playing host to more jobs year on year. Interestingly, those regions among the hardest hit by the recession are faring particularly well, with opportunities up by more than 6% in the North East and over 5% in the West Midlands month on month. The jobs market in London also continues to grow with opportunities in the capital up by 3% compared with June 2012.
The index confirms national salary growth still remains flat, registering 0% monthly growth and slightly negative annual growth (-1%). Overall, the Reed Salary Index now stands at 98 as it did last month and 99 in July 2011.
Commenting on the figures, Martin Warnes, Managing Director of reed.co.uk, said:
"The Reed Job index has been reporting an improving jobs market since the third quarter ofÂ 2011 and it's great to see this positive trend continuing this month. Our figures are based on real vacancies from employers across the UK and represent a true picture of what's happening in the job market right now; they also show that the economy may be in healthierÂ position than other macroeconomic indicators, such as the recent GDP numbers, would suggest.Â
"Both the monthly and annual indexes are growing steadily and we are seeing more jobs consistently being posted across a broad swathe of the UK's employment sectors.
"The recession has often accentuated disparities in access to new employment around the regions, so it is encouraging that job opportunities are now on the rise across the UK. This is particularly the caseÂ within those regions that were hit hardest by the recession such as the West Midlands and North East. Indeed, recent high-profile announcements of large scale investments in the workforces of both of these regions from Jaguar Land Rover and Hitachi respectively should further support the upward trend."
The Reed Job Index is compiled by the UK's number one job siteÂ reed.co.uk, through analysis of job advertisement trends from over 10,000 recruiters throughout the UK tracked against a baseline of 100 established in December 2009.
KEY FACTS - JULY
• Each month the Reed Job Index tracks the number of new job opportunities and the salaries on offer compared to the previous month and against a baseline of 100 set in December last year. Â The Reed Job Index is based on data from the UK's largest job board, reed.co.uk, which every day lists over 90,000 job opportunities from 8,000 recruiters across 37 career sectors throughout the UK. Â
• The Reed Job Index is compiled by data drawn from on-line job vacancies and job-seeker activity on reed.co.uk. Â
• reed.co.uk is the UK's largest commercial job board, with over 100,000 job opportunities from more than 10,000 recruiters at any one time.
• reed.co.uk is part of Reed Global, the international recruitment group of companies