Six months on from the EU Referendum result, there is growing uncertainty around where this actually leaves the UK in terms of its economy, labour market and overseas trading. The ongoing uncertainty means that little has been reported on what has happened in the past six months, and what is expected to happen next. We have access to helpful insights that focus on the UK’s job market post-Brexit that explore:
- Where we thought we would be – Recruiter attitudes pre-Brexit and whether this is an accurate reflection of job market activity post-EU Referendum
- The current state of the UK labour market – Candidate and employer behaviour and how the job market has actually performed over the past six months
- How job hunter appetite has fared – Applications fluctuating across key sectors and cities
- A look at salary rates across the UK – Pay is rising steadily, but some of the UK’s core industries have taken a hit
- What we can expect in months to come – What will actually happen in the next six months
New data from the UK’s leading independent job site, CV Library revealed that the UK’s job market has continued to strengthen in the six months post-EU Referendum, as job vacancies rose, applications soared and salaries continued to increase at a steady rate.
Analysing data from 23rd June 2016 to 30th November 2016, and comparing this with the same time periods in 2015 and 2014, the findings from CV-Library reveal that jobs have increased significantly. In fact, vacancies have risen by 12% when compared to the same period in 2015 and 35% on 2014. Alongside this, certain cities and sectors saw above average growth when comparing year-on-year data, as outlined in the table below:
|Top Cities for Job Growth Post-Brexit||Top Industries for Job Growth Post-Brexit|
|Southampton – up 19%||Arts/Graphic Design – up 30%|
|Glasgow – up 14%||Automotive – up 28%|
|Edinburgh – up 14%||Manufacturing – up 27%|
|Portsmouth – up 13%||Catering – up 27%|
|Manchester – up 12%||Marketing – up 20%|
Furthermore, while the immediate aftermath of Brexit caused panic across the UK, especially with the value of the pound dropping significantly, the findings show that between the 23rd June and 30th June 2016, vacancies were actually up by 17% on the previous year, while applications also rose by a comfortable 7%.
The data also reveals that applications during this period were up by 2% on 2015, with certain sectors witnessing a significant jump in applications. Most notably, manufacturing (up 18%), agriculture (up 17%) and automotive (up 16%) all saw a considerable hike in applications, which is interesting given that there is ambiguity around what Brexit might mean for these key industries.
However, the findings also show that some of the UK’s key cities saw substantial drops in applications, when comparing data with 2015. In fact, Bristol (down 18%), Aberdeen (down 18%), Cardiff (down 17%) and Brighton (down 13%) saw the biggest falls, suggesting that candidate confidence was not as widespread as originally anticipated.
According to the data, it is clear that businesses are continuing to invest in their workforces, with average salaries increasing by 2% since 2015 and 3% since 2014. This steady growth suggests that despite there being economic pressures across the UK, businesses are remaining confident. What’s more, in the week following the EU Referendum, salaries rose by 4%, indicating that businesses were still looking to invest in their future and existing workforce during this time.
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