Jobs growth up four percent month on month and eight percent annually, as job figures indicate an end to recession, in the face of other more negative forecasts.
The number of new job opportunities being posted by employers surged in October, capping off an encouraging month for the prospective health of the wider UK economy, according to the latest Reed Job Index. The largest monthly measure of conditions and trends in the jobs market in the UK reveals job opportunities in October 2012 grew by four percent month on month and eight percent compared with the same period last year. This means on average the index has now shown positive growth during each quarter of 2012, further reinforcing the sustainability of continued buoyancy in the jobs market and the reliability of the reed.co.uk report as a leading indicator on the health of the economy.
Commenting on the latest figures, James Reed, Chairman said: “reed.co.uk has been saying for months that the buoyant jobs market proved that the UK economy was in a healthier position than other macroeconomic indicators suggested. This latest jobs index and the recent news that the UK has emerged from recession only serve to reinforce this. The 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, which in turn provides an up-to-date and reliable measure of business confidence in the economy. While others may debate what next quarter's GDP figures will bring, the position in the jobs market continues to be one of steady, sustained growth, as it has been for the year as a whole so far.”
The latest job Index shows close to two thirds (63 percent) of the nation's employment sectors are significantly healthier than they were this time last month, with many continuing to enjoy eye-catching month on month growth. Chief among these were the education, customer service and sales sectors, each growing by more than ten percent compared with September. Overall, the Reed Job Index now stands at 139 compared with 134 last month and 129 this time last year. Encouragingly, 11 out of 12 regions across the UK are now offering more jobs than this time last month, with only Wales showing a slight decrease of three percent month on month. Northern Ireland, the North East and the North West enjoyed the biggest monthly gains, with each enjoying jobs growth of more than six percent. The jobs market in the capital mirrored this with monthly opportunities in London up by over five percent.
James Reed, chairman of REED Global, continued: “While turbulence in the Eurozone continues to be the order of the day, employers will rightly continue to be cautious, but our figures point towards a buoyant pre-Christmas period for the jobs market with seasonal industries such as sales and customer service already recruiting new roles in encouraging numbers.” The index also confirms a slight monthly increase in salaries and overall, with the Reed Salary Index now standing at 97, compared with 96 last month and 97 in October last year. However, the Salary Index is 3 percent lower than when it began in December 2009.
