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7/19/2016 2:00:27 PM

Brexit yet to hit UK jobs market

The good news is, that so far in the post-referendum UK, we aren’t seeing any negative effect in the UK jobs market. In fact, things are looking remarkably positive.

Despite all the uncertainty on how the UK job market would fair in the run up to the EU referendum, the most recent quarterly survey carried out by CV Library, shows growth in many sectors - as well as a rise in the amount of applications.

 “Q2 data actually reveals that the Brexit backlash is yet to hit, as salaries rose, job growth was strong, and candidate appetite was in full force, when comparing year-on-year data”.

Here is a snapshot of the key findings within the report:
 
  • The UK experienced a 13.2% increase in applications
  • Key sectors including Manufacturing (33.8%), Automotive (18.6%) and Education (8.8%) reported a rise in applications:
  • Average UK salary rose by 0.6%
  • Arts/Graphic Design (5.1%) and IT (4.7%) sectors also reported rising salaries
  • The UK reported strong YoY job growth when comparing Q2 2016 and Q2 2015, as job creation rose by 11.3%
  • Job growth was seen across key sectors such as: Education (39.3%), Social Care (29.9%) and Construction (22.2%)
It is encouraging to see that businesses are still confident making hiring decisions. Today’s Guardian reports that article 50 of the Lisbon treaty, initiating the UK’s departure from the European Union, is not likely to be triggered before the end of 2016. Hopefully, the delay will allow businesses time to consolidate and prepare their workforce, anticipating any market uncertainty that may arise once the exit process is initiated.

As the process unfolds, we’ll begin to get a clearer picture of the potential effects on the jobs market and labour force here in the UK. Wales will likely face its own set of challenges as a result of the leave vote, but with tourism sector growth looking encouraging – things aren’t all doom and gloom.

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