UK job market defiant against Brexit

The UK’s job market is standing strong, suggesting that the predicted Brexit backlash is yet to have any significant impact on British jobs, research finds.

When compared to the second quarter (Q2) of 2015, figures from last quarter from CV-Library show an 11.3 per cent increase in vacancies in the job market, while candidate applications increased by an even greater 13.2 per cent.

Confirming the strength of the UK’s labour market, a number of key sectors and regions across the nation experienced healthy job growth, highlighting the fact that the increase is not limited to any one particular area.

The sectors to experience the strongest job growth in Q2 2016 include arts/graphic design, with a 56.6 per cent growth, leisure/tourism (51 per cent) and education (39.3 per cent).

Despite salaries dropping by 1.9 per cent year-on-year in June, UK advertised salaries actually grew by 0.6 per cent when comparing last quarter to Q2 2015, suggesting it is still too early to associate any declines in job market statistics with the impending Brexit.

While only a slight increase, the 0.6 per cent growth is actually above the forecast inflation rate of 0.5 per cent (up from 0.3 per cent in May 2016), painting a more positive picture overall for UK workers.

More job applications coming in

Furthermore, the fact that Q2’s increase in job applications outpaced job growth suggests that static salaries are not deterring candidate appetite, ensuring businesses have plenty of choice when employing new recruits. Increased candidate interest is crucial for long-term business sustainability, particularly as the UK embarks on its exit from the EU.

Lee Biggins, founder and managing director of CV-Library says that while many have been quick to voice their concerns about the Brexit and what it means for the UK’s economy, the reality is that it’s far too early to speculate.

‘There may yet be turbulent times ahead for the UK as we navigate our withdrawal from the EU, however, it’s certainly not all doom and gloom. The nation should be confident in the fact that salaries are still growing, job hunters are still active and that businesses are continuing to invest in job creation and solidifying their workforces.

‘While it’s too soon to draw any firm conclusions about the future, these initial post-referendum results should be able to provide some reassurance for UK candidates, workers and businesses alike.’

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