How does the current jobs market appear?

Labour market statistics

1. Unemployment is 1,455,000, and fell by 28,000 from last month’s published figure (quarterly headline down by 75,000) and the unemployment rate is 4.3%, down 0.1 percentage points on last month and down 0.2 percentage points on last quarter.

2. The number of claimant unemployed is 806,300, down 2,800 on last month, and the claimant rate is 2.3%.

3. The number of workless young people (not in employment, full-time education or training) is 954,000, up 1,000 on the quarter, representing 13.4% of the youth population (up 0.1 percentage points).

4. Youth unemployment (including students) is 528,000, down 36,000 on the quarter.

5. There are 1.9 unemployed people per vacancy.

6. The employment rate is 75.3% (up 0.1 percentage points on last month’s published figure and up 0.5 percentage points in the preferred quarterly measure).

 

The labour market figures published on 13 September provide a distinct feeling of deja vu as they show another strong increase in employment combined with falling unemployment and falling economic inactivity amongst people of working age. However, it is also the case that workers are getting poorer with real wages falling for the fifth month in a row.

Graduate unemployment drops for the first time since the start of the recession

For most UK graduates employment is steadily increasing, unemployment is slowly decreasing and those in graduate level jobs has reached a record high, according to research published this week by the Higher Education Careers Services Unit (HECSU).

HECSU’s annual, What Do Graduates Do? reports the destinations of full and part-time first degree graduates, six months after leaving university in 2010:

• 284,160 students graduated in 2010 with a first degree – a 3.6% increase on last year

• 69.7% (163,090 graduates) were in employment – a 7.9% increase on 2009 graduates

• Unemployment has gone down from 8.9% to 8.5% (19,785 graduates)

• Record number (100,265 or 63.4%) secured graduate level jobs – a 9.2% increase

The figures show recovery in business and financial services with 7.5% of graduates working in these occupations, the same as that recorded in 2008. Marketing, sales and advertising was the occupational group that saw the largest percentage jump in graduates in 2010. 31% more graduates entered these roles in 2010 compared to the previous year, fuelled by an upturn in graduate recruitment in advertising and digital media.

After reporting poor employment prospects for architecture and building management graduates in the 2009 and 2010 editions of What Do Graduates Do?, the 2011 edition reports an improvement with 73.2% in employment and a decrease in unemployment - from 10.9% in 2010 to 9.5%. (More architecture and building management graduates found work this year as quantity surveyors, building surveyors, architectural technicians and assistants and town planners

Latest Unemployment Figures for 16 - 24 year olds

The latest official figures show unemployment has reached a 17-year high, with the number of people out of work rising by 114,000 to 2.57 million in the three months to August. The number of 16 to 24-year-olds out of work rose to 991,000, the highest total since 1992.

CBI comments on latest unemployment data - Thinking about the future has never been so important.

Last week the CBI commented on latest official unemployment figures showing the number of people out of work rose by 80,000 to 2.51 million in the three months to July. Neil Carberry, CBI Director for Employment Policy, said: “This rise in unemployment is troubling, particularly the growing number of young people out of work. With one in five 16-24 year olds currently unemployed, tackling youth unemployment must be a priority. Businesses are eager to play their part through apprenticeships, training and work placements, but now the Government must do all it can to create the right conditions for the private sector to create much-needed jobs.”

Thinking about the future has never been so important.  All students should be working with parents, teachers, the Careers Department etc., to try and develop a focus for their future.  The sooner you start, the better you will be in the long run, with well informed insight into the possibilities that lie ahead, and the steps you will need to take to achieve your goals.