[UK 25/01/2023]The UK job market has seen a 50% increase since 1 February 2020, according to Indeed’s new analysis. This is an impressive performance in light of the cost of living crisis this year.
Regional differences in job sector composition have been a significant factor in the regional performance of UK labour markets. North East England has recorded the most substantial growth in job postings, at a remarkable 92% above pre-pandemic levels. London, however, has seen the slowest growth, at 28% above the 2020 baseline.
These figures suggest that while the UK is facing a recession, the labour market shows signs of resilience. It remains to be seen if this will continue in the face of the pandemic, but the data suggests that the UK job market is on the path to recovery.
Tight labour market despite recession
The unemployment-to-vacancy ratio suggests that the labour market could stay tight despite the recession. This measure stands at 1.0 in the three months to October 2022, a near-record low. According to Indeed analysis, it’s more likely that the labour market won’t weaken based on its historical standards.
The Bank of England and the Office for Budgetary Responsibility have also predicted that this ratio won’t rise much in the near future. This will help provide stability in the labour market, benefiting employers and employees.
Continued employment opportunities
Although the recession has taken its toll on many businesses, countless employment opportunities remain. Participation in the labour force is necessary to aid economic recovery.
Recruitment agencies such as Triumph Consultants, Limited are working to provide employers with skilled and experienced employees. This ensures that companies can still access the expertise they need, despite the downturn in business.
About Triumph Consultants, Ltd.
Triumph Consultants, Limited is a long-established specialist supplier of qualified personnel to the public sector, including local and central government. They work with more than 300 public sector clients and provide temps, interims, and permanent recruitment solutions.
Their experienced team of consultants seeks to identify quality candidates for each role, using a personalised approach and avoiding “database mining” techniques. For more information, visit their website at https://www.tclrec.com.