| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

Follow Finfacts on Twitter

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : UK Economy Last Updated: Dec 13, 2012 - 7:06 AM


UK underemployment rises by 1m; Most new jobs growth at top and bottom of economic pyramid
By Michael Hennigan, Finfacts founder and editor
Dec 13, 2012 - 6:56 AM

Email this article
 Printer friendly page
Office for National Statistics (ONS)

While it was reported on Wednesday that UK employment hit a record in the three months to October, other data shows that the number of underemployed workers in the UK i.e. those who want to work more hours, has risen by an estimated 1m (or 47.3%) since the start of the economic downturn in 2008 to stand at 3.05m in 2012. Nearly two thirds of the 1m increase took place in the 12 months between 2008 and 2009, when the economy was in recession. From 2000 to just before the 2008/09 recession the number of people underemployed was relatively steady and since 2009 the number has been rising, although at a much slower rate than during the recession. Almost two-thirds of the underemployed were part-timers. Most new jobs growth since 2010 has been at the top and bottom of the economic pyramid

Professionals, technicians and managers are leading a jobs boom that is defying economic gravity and reshaping Britain’s labour market, Financial Times research has found. Jobs are being created at the top and bottom of the skills scale, while those in the middle ranking jobs -- including office administrators and manufacturing workers - - are losing out.

The FT reported last month that net UK employment had grown more than 750,000 since a low point in early 2010. However, this rise has coincided with the squeezing of pay with the median salary for a full-time worker in the UK up 1.4% in 2011 to £26,244, against a headline CPI inflation rate of 5% or higher, according to the Annual Survey of Hours and Earnings from the Office for National Statistics (ONS).

Wednesday's data showed that average earnings were still behind inflation in October with average annual growth of just 1.3% - - - less than half the rate of inflation.

Real earnings have been falling since the summer of 2010.

There has been a rise in part-time and temporary work and self-employment, much of it not by choice. FT research last month showed that employment in professional occupations – which include lawyers, accountants and management consultants - - has grown more than 230,000, or 4.4%, since early 2010, the fastest increase of any group. The second biggest rise has been in associate professional and technical occupations, which range from engineering technicians and IT support staff to financial advisers, graphic designers and sports coaches. The number of managers has also grown in number.

The biggest drop was the 160,000 or 4.8% losses among administrative and secretarial staff. Process, plant and machine operators also fell, including electricians and machine fitters. But at the bottom end, so-called elementary jobs - - a category that includes waiters, bar staff, kitchen assistants, security guards and cleaners - - are up 2.5%.

Just over half of the new employment is part-time and a fifth is temporary. More than 260,000 of the new workers are self-employed, taking the total to a near-record 4.2m but three-quarters of this increase has also been part time.

The ONS said [pdf] that the number of underemployed workers was fairly stable until the run-up to the recession in 2008, but grew sharply after that. Almost two-thirds of the increase took place in the 12 months between 2008 and 2009, when the economy was in recession. The number has continued to rise since then, but at a much slower rate.

Check out our subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

Related Articles
Related Articles


© Copyright 2011 by Finfacts.com

Top of Page

UK Economy
Latest Headlines
UK in 28th rank of 30 advanced OECD nations for health resourcing: Economist Intelligence Unit
Business on a Shoestring: Keeping startup costs low in UK and Ireland
UK "underlying growth has stopped"
41,000 London properties held by foreign companies - 90% in tax havens
UK GDP rose 2.6% in 2014 up from 1.7% in 2013
Northern Ireland private economy contracted in December 2014
Northern Ireland may have a 12.5% corporation tax rate from 2017
UK moves ahead on 'Google tax' despite criticism
PwC charged with "selling tax avoidance on an industrial scale"; indulging in "scams"
Income inequality damages economies; Rich-poor gap highest in 30 years
Cameron warns of risk of another global recession
Only 80,000 of 1.1m UK jobs added since 2008 were full-time employee positions
UK added 112,000 jobs in third quarter; Pay inches above inflation - first time in 5 years
Germany and UK agree to restrict 'patent box' tax incentives to local R&D
German retailer Aldi to create 35,000 new jobs in UK by 2022
UK GDP growth slowed in the three months to September
UK retail sales fell in September; Tesco, Debenhams, Foxtons report market stress
UK faces more austerity and less chance of tax cuts
Globalization, the underclass and the need for a new model - Part 2
Northern Ireland PMI shows sharp increase in activity
UK economic growth revised up - above pre-recession level
London world’s most expensive city for companies to locate employees
UK retail sales in August best performance since January
UK economy added more net jobs in past 4 years than rest of the EU combined
UK to announce stiffer penalties for offshore tax evaders
UK economy since launch of the euro in 1999
IMF says British pound overvalued
UK profit warnings reach highest first half total since 2011
UK GDP up 3.1% in 12 months to end Q2 2014; Economy overtakes pre-crisis 2008 peak
Wealthy foreign students overtake finance professionals as renters in prime Central London areas
UK attracts most inward investment projects since records began in 1980s
Trends in UK and US part-time and self employment since 2008
UK labour participation at 73% - highest in decade; US at 63% - lowest since 1978
More than 20,000 client names of Jersey tax haven bank leaked
UK house prices overtook their 2007 peak in Q2 2014
UK recovery continues at robust pace
UK employment rose again at a record pace in the three months to April
UK tax revenues rose to record in 2013/2014 with help from tax dodgers
Overseas visits to London in 2013, up 43.5% in 10 years
UK economy grew 0.8% in Q1 2014; Almost back to 2008 peak