‘Buoyant’ UK job market had 200,000 new advertisements last week
Almost 200,000 new UK job advertisements were posted in the last week of June, according to the Recruitment and Employment Confederation (REC).
The REC said demand for staff is now “buoyant” across the UK as the country’s post-Covid economic recovery picks up steam.
There are now a little more than 1.5m job vacancies across the country, with jobs in the education and other skilled sectors in high demand.
Seven of the 10 areas with the highest growing number of job vacancies are in London.
REC chief executive Neil Carberry said: “Rising job adverts for roles that require key skills to get hired – from IT to haulage – highlight the ongoing need to put the skills and job search support people need in place.
“Tackling this mis-match, in the context of a tightening labour market, should be a priority for government and businesses, working together.
“We need to act now to make sure we do the right thing for jobseekers and our economy. That means a plan that reforms the skills system by listening to business about what is really needed, like changes to the apprenticeship levy.”
It comes after months of businesses reopening after winter lockdowns across the UK.
Growth forecasts for UK GDP this year have been upgraded to 7.2 per cent by the Organisation for Economic Co-operation and Development (OECD).
However, some economists are now worried about the potential for inflation to run rampant as pent up demand is unleashed in the UK.
Latest CPI figures showed a 2.1 per cent annual increase, which is at the lower end of the Bank of England’s target range.
It has been predicted by some, including the Bank’s outgoing chief economist, that this figure will rise above 3 per cent – the central bank’s upper target for inflation.
Bank of England governor Andrew Bailey said yesterday that it “is important not to overreact to temporarily strong growth and inflation”.