2013 will be a 'game-changing' year for employment

Sep 10, 2013

Survey says that the last quarter of the year will see the UK’s strongest rate of job growth since 2007

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THE private sector has provided more good news for George Osborne, after a survey by global recruiter ManpowerGroup said that 2013 will prove a "game-changing year" for the jobs market.

The closely-watched quarterly report found that Britain is enjoying the strongest rate of jobs growth since 2007, reports the Daily Telegraph.

The survey of more than 2,100 employers shows 6 per cent of companies are expecting to hire in the final quarter, up from 5 per cent in the previous three months. The figures come ahead of the release of official unemployment figures, which some experts expect to show a drop in the number of people out of work.

According to the survey, the recovery of the property market has given a big boost to the financial services sector, while job growth in retail continues to go from strength to strength, despite recent pressure on Britain’s high street.

The report found that forecasts for the North East, which has struggled with unemployment since the recession, are at their strongest in eight years. Figures show a positive ten per cent recruitment figure for the final quarter, as demand for project managers and skilled staff on offshore wind farms rises.

James Hick, ManpowerGroup Solutions UK managing director, said the survey results reveal a "game-changing year" for the jobs market in a number of areas. "Looking to the future we see further finance jobs in the pipeline," said Hick. "We expect financial institutions to gear up for this by taking on staff with the necessary skills."

The news will be welcomed by Chancellor George Osborne, as the data backs up his statement yesterday that the British economy is "turning a corner". However, the figures may force Bank of England Governor Mark Carney to rethink his forward guidance policy. The BoE has said it will not raise interest rates until unemployment drops to seven per cent, which the Bank did not expect until 2016. However, the new data could mean unemployment reaches this threshold by the end of next year.

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