Recent figures released by the Office for National Statistics and the jobs website Reed have indicated an upturn in the UK economy, with unemployment down and the number of jobs up, can we finally be a bit more positive?
In the first 3 months of 2014 the UK economy grew by 0.8%, making the UK one of the fastest growing western economies. Although this figure still remains 0.6% smaller than in 2008, when the economy was at its peak, analysts have predicted that this will be surpassed once figures for the 2nd quarter are published in July. This coincides with news that the rate of unemployment is now at a 5 year low, having dropped by 133,000 in the first 3 months of 2014. This decrease is also true of youth unemployment in the country, which has dropped by 48,000. Such rapid growth in the jobs market has come as a surprise to many, who have outlined the number of people choosing to become self employed as a major factor.
This upturn in the economy is supported by news from the jobs website Reed, which has reported that the number of job vacancies in the UK is growing steadily. The month of April saw a 28% increase in new jobs in the UK, particularly permanent positions which has seen an increase of 21% so far this year. This points towards increasing positivity amongst UK employers who now have enough confidence in the economy to invest in long term growth plans. In addition to this growth in the number of permanent positions, temporary and contract positions are also on the up, which has seen an increase of 16% compared to the average for 2013.
Of course there is still progress to be made, and these figures still have the potential to change over the course of the year, however the fact that the effects of an improving economy is starting to make real change in the jobs market indicates a prolonged economic recovery.