“Jobs market set for best year since 2007”, latest ManpowerGroup survey reveals.
The ManpowerGroup’s “Employment Outlook Survey”, which aims to discover how many employers across the nation are expecting a net increase in employment in each quarter of the year, is one of the most trusted measures of the UK economy. They’ve just released the coming month’s edition. So without further ado, here’s what we can expect in terms of trends in the UK labour market during October, November and December. Results of this article have been adjusted to take seasonal hiring trends into account.
UK job market trends in Q4
Overall summary: the hiring market in the UK is predicted to grow by 7% by the end of the year – the best result since 2007.
- The East and North West enjoy strongest predicted rates of hiring growth – 14%.
- Growth in the North East (10%), South West (8%) and the Midlands (7%) is also looking very healthy.
- Yorkshire and Humberside (-3%) and Northern Ireland (-3%) are the only regions not set to expand.
- All other regions will experience moderate expansion.
- Rates in London will continue to rise (3%), but more slowly than last quarter’s rapid 12% growth.
- Finance (16% growth) and Utilities (13%) will be pulling the economy forwards.
- The only sector not predicted to increase total employment is Construction (-5%).
- In other sectors, growth in Transport and Communications and Manufacturing is slowing down compared to last quarter.
- With an 18% predicted increase in hiring companies, transcontinental Turkey is the only country in Europe to experience greater growth rates than the UK.
- Neighbours France, Germany, Belgium, the Netherlands and Ireland are predicted to either grow or shrink slowly.
- The most troubled countries in the EU this quarter are Italy and Spain, who are predicted to shrink by 13% (Italy) and 7% (Spain).
- The Americas will experience strong expansion, with over 10% of employers in many countries expecting to increase payrolls. Panama (24%) will experience the most intense development, and 13% of US employers have a net positive result over these coming months.
- Asia and the Pacific will also evolve greatly. In fact, India and Taiwan are predicted some of the highest growth rates globally, with 41% and 35% (respectively) of employers expecting a net increase.
- South Africa is predicted a 5% increase, and Israel a 6% increase. Information for many other parts of Africa and the Middle East is not available.
Image: Stacks of pound coins (thanks to Images Money)