The UK remains competitive and the outlook looks bright


Despite the economic and political uncertainty that has blighted 2017 it seems that, as we head to the final quarter of 2017, the UK remains resilient.

In fact, our ‘competitiveness’ in Q3 2017, saw an increased rating from The World Economic Forum up to 5.50 out of 7 from 5.49. This is the highest rating we’ve received in ten years.

On the whole, businesses are optimistic about hiring in Q3, with a 12.2% increase in advertised job vacancies year-on-year. The top 10 cities for growth sees the South doing well, with Bristol, London, Brighton and Portsmouth all experiencing greater than 22.5% job growth (the highest in the country). Whilst Scotland continued to be buoyant, with Edinburgh and Aberdeen showing greater than 20% growth, as did Sheffield in the North.  And many regions experienced strong job growth when comparing Q3 findings from Q2 2017. The top five regions for job growth quarter-on-quarter were Wales (5.2%), South West 4.4%, North East (3.7%), West Midlands (3.5%) and Scotland (1.5%).

As for our key industries, they also saw positive job growth for Q3 with many experiencing a boom for both quarter-on-quarter and year-on-year. The top five industries for job growth year-on-year were charity (32.4%), followed by manufacturing (24%), automotive (18.8%), social care 18.4% and recruitment (12.9%). The top five for quarter-on-quarter showed as retail (15.7%), customer services (12.2%), charity (11%), construction (8.9%) and the public sector at 7.8%.

It's likely that there’s a link between the net migration of workers from Europe and the ‘job boom’ we’re experiencing. Data from CV-Library shows that traffic from the EU fell 4.3% over the last 12 months. Further South, Cardiff and Bristol lead the way with increases of 6.2% and 7.5% respectively. The top 5 industries that showed the highest rise in salaries year-on-year were hospitality (24%), customer service (18.2%), charity  (8.3%), automotive (5%) and design (3%).

As with Q2, the only ‘downside’ to this positive picture is that application rates aren’t keeping up with job growth. But with increased salaries on offer, in part to satisfy the skills gap, this could switch. Yet clearly, as we approach 2018, confidence is high.

Wednesday, 1 November 2017

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The UK remains competitive and the outlook looks bright