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News : UK Economy Last Updated: Sep 10, 2013 - 9:40 AM


UK job prospects for final quarter of 2013 strongest since 2007
By Finfacts Team
Sep 10, 2013 - 8:12 AM

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UK job prospects for the final quarter of 2013 are the strongest since 2007, with finance and business services leading the way, a study has found.

Manpower Group, the US recruitment multinational, says that with an outlook of +6%, employers across the UK are looking to take on staff in the fourth quarter of 2013, demonstrating that the jobs market is showing continued consistency, supporting the economic recovery.

The Manpower Employment Outlook Survey is based on responses from 2,104 UK employers. It asks whether employers intend to hire additional workers or reduce the size of their workforce in the coming economic quarter. It is the most comprehensive, forward-looking employment survey of its kind and is used as a key economic statistic by both the Bank of England and the UK government.

The National Seasonally Adjusted Net Employment Outlook of +6% indicates sustained optimism in the UK jobs market, building on the third quarter of 2013 when the Outlook was +5% and ensuring that 2013 finishes with the strongest fourth-quarter forecast since before the financial crisis.

“The jobs market has suddenly become the hottest economic indicator in town thanks to the forward guidance issued by Mark Carney, the new Governor of the Bank of England,” said Manpower Group Solutions, UK managing director, James Hick. “Our survey shows that it’s going to take a while before we get to a situation where 750,000 new jobs are created, which will trigger a review of interest rates. But it also reveals that 2013 has been a game changing year for the UK jobs market in a number of key sectors.”

Finance and Business Services employers are out and out showing the most confident signs of hiring, reporting an Outlook of +16%. Hick continues: “Whilst the big banks have a new spring in their step, with Lloyds Banking Group and RBS poised to return to the market and Barclays about to embark on a big fundraising initiative, curiously job creation in the sector is actually all about fixing the mistakes of the past and avoiding problems in the future."

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