UK 
United States
In recent weeks there has been no escaping news surrounding the upcoming EU referendum and the impact a ‘Brexit’ might have on the UK economy. While there are plenty of valid reasons coming from both sides of the argument, there are still many questions left unanswered, particularly around how a Brexit would impact the UK labour market.
After examining latest data from its site, CV-Library reported a 5% month-on-month decline in job vacancies in February. Despite concerns being raised that the threat of a Brexit is paralysing the market, there is no reason to believe the nominal drop in vacancies is anything but normal. The decline follows a surge in hiring that took place in January, which experienced a 43.8% growth in vacancies when compared with the previous month.
Hiring always picks up drastically in January following the slow-down over Christmas, and the job market simply cannot maintain that pace of growth. The slight drop in vacancies in February shouldn’t raise alarm bells; in fact the labour market is in a stronger position this year than last.
When looking at the data year-on-year, this February saw an 18.6% rise in vacancies, and candidate interest maintained pace with a 20.3% increase in applications during the same period. The good news reaffirms that the job market remains strong, as growth can be seen across the nation’s major cities and in key UK sectors:
Job Growth – Top 10 Cities
- Liverpool: 38.5%
- Edinburgh: 36.8%
- Hull: 35.6%
- Cardiff: 30%
- Leeds: 23.5%
- Manchester: 21.7%
- London: 20.8%
- Glasgow: 14.1%
- Birmingham: 12.7%
- Southampton: 12.5%
Job Growth – Top 10 Sectors
- Education: 37.8%
- Distribution: 32.6%
- Management: 32.6%
- Property Services: 32.3%
- Agriculture: 30.6%
- Customer Services: 29.9%
- Construction: 25.6%
- Administration: 25.2%
- Marketing: 20.1%
- Electronics: 17.5%
While it’s tempting toattribute minor shifts in the labour market to wider social and political issues, the data clearly shows that the UK labour market hasn’t been hit by a Brexit just yet. While the EU referendum does bring a wealth of questions – such as worries about further skills shortages – it’s still early days and there’s no reason to suggest that the UK is experiencing a hiring freeze as a result.
