Guys! Its good news. Unemployment has fallen yet again by 51,000 to 2.61 million, its lowest level since last summer. Many commentators, however, still met the news with an air of scepticism due mainly to the continued rise in the number of benefit claimants, the fragile European economy and high youth unemployment. But we here at Adzuna are more optimistic, and took the chance to search for 9 glorious reasons why the jobs market is recovering.
9 reasons to expect continued improvement in the UK job market:
1. The total number of vacancies is UP
The total number of jobs currently available in the UK is 566,574, representing a “Total Earning Opportunity” for UK residents of £18bn. This is the highest number of open job vacancies seen in the UK for 12 months.
Unemployment rates in Scotland, Wales, the West Midlands, the South East and East England have all dropped by between 6% and 8% in the last 3 months. Over the same period, the South West’s unemployment rate has fallen a full 9.7%, the largest decrease in the UK. Over the country as a whole, 5.7% fewer people are out of work: the improvement is not isolated to any one area.
3. Cities where growth is returning
The number of people claiming benefits in Britain fell 13,700 from March to April, and then double that (26,141) from April to May. On top of this, Adzuna data shows pockets of growth emerging in cities around the country where claimants per vacancy is falling. London, Cambridge and Aberdeen continue to be among the easiest places to find a job in the UK, and signs of improvement in Stoke-on-Trent, Middlesbrough, Belfast & Motherwell clearly indicate a better employment climate.
Unemployment in Great Britain stands at 8.2% compared to the European average of 10.3%. Spain’s unemployment sits at an unprecedented 24%, Greece at 22%, Italy at 9.8% and France at 10%. Germany and Scandinavia however continue to outperform the UK with unemployment hovering around the 7% mark, and The Netherlands is out of sight at a drooling 5.1%.
5. Wages are up in 2012
There has been a 6% fall in “real wages” over the last 2 years in Britain, but, Adzuna data shows that even though people have had to make salary sacrifices in 2010 and 2011, wage growth is returning to the private sector. The average advertised salary in Manchester is up over £3,500 quarter on quarter, with London, Leeds, Birmingham and Cardiff all showing similar gains of over 4%.
Wage growth can be clearly seen across a number of sectors in the UK too. Average advertised IT salaries are up 6% to £41,200, Accounting & Finance are up 3% to £39,277 and Engineering jobs are to £34,887 from £33,150 last quarter.
Over 100,000 people will be paid to work at the Olympic Games this summer – from contract catering to Olympic Park security. While this work is only temporary, new jobs and training opportunities are being created left, right and centre this summer as a result of the Games.
8. Tech City & Startup Britain
Many have argued that the rise in self-employment in the UK is due to the lack of jobs available. However, analysis suggests that much of this rise can be attributed to a shift from corporate employment to a more entrepreneurial mindset. Tech City in East London is now home to over 200 start ups and Cambridge Science Park is now classified as Europe’s largest centre for research and development. There are over 19,000 startup job vacancies in the UK today, suggesting that new companies are being started and jobs created.
Youth unemployment (including graduates) is down by 17,000 quarter on quarter and Adzuna currently lists 29,042 graduate jobs available on the market. This is the highest number of graduate vacancies since the beginning of 2011.
So as you can see there are plenty of reasons (9 in fact) to be optimistic about the UK’s job market. The last few years have been difficult ones for the UK job market, but our research indicates that 2012 could be a turning point. We think this is really exciting stuff. The hardworking people of Britain are evidently battling through the double dip recession and taking matters into their own hands, starting their own companies and juggling multiple jobs. Don’t forget, we are an authority on this stuff because we list every job ad in the UK in our search engine, giving us a pretty clear view of who’s hiring around the country. So rev up your economic engines—it’s go time!