The UK Job Market
Since 2003 job losses in manufacturing in the United Kingdom have averaged 30,000 per four month period. But with the total volume of orders increasing for the last three quarters, the number of positions cut has trickled down to approximately 5,000 for the months of May to July. Despite the continual increase of demand for manufactured goods, surveys show that the growth lessened this period.
Four of the eleven regions in the United Kingdom saw an increase in employment instead of a simple slowing of lay-offs. The greater part of this was experienced in the North West and East Midland areas. London jobs in the sector were among the most likely to be cut. Other areas that experienced a significant number of lost positions were the West Midlands, the South East and the South West.
Currently half of the United Kingdom’s manufacturers are working at what icwales.co.uk refers to as “full capacity.” The recently taken survey states this as the cause for the decrease in positions lost. All of which is a result of the continued period of expansion.
The majority of the UK’s regions have seen a recent growth in the number of goods exported from the country, another factor which has helped many keep their jobs. This is expected to continue throughout the next three months, but at a much subdued pace.
Increased prices of oil have raised the normal cost of operation, which often would have increased the number of London jobs lost. One of the first things to usually go when production expenses are greater than usual is man-power. Thankfully, the demand for exportable goods has made such an unproductive option. Instead companies increased the price of goods, so that they could continue to operate in an efficient manner.
Job losses are expected to increase slightly in the year’s third quarter. Individuals in the industry speculate that around 8,000 individuals will find themselves without employment. The South East and South West regions will experience the most cuts. Approximately 3,000 positions will be done away with in each of these two areas. This leaves the total number of jobs in London to be lost considerably less than other areas might see.