UK witnesses ‘remarkable’ job growth

George Osborne’s budget to be released this afternoon is expected to a box of doom and gloom amid worsening economic conditions. However, one area that is coping remarkably well despite the government cutbacks is the job market.

The UK is currently enjoying a pre-recession style boom in the job market, despite huge cutbacks in public spending and dour economic conditions. According to the Jobs Economist, 2012 was the best year for employment since 2000, with previous jobs booms taking place during periods of a strong economy. In what they describe as a ‘remarkable’ development, it certainly shows that there are signs of optimism amid all the doom and gloom.

Signs of optimism for job growth

Director Dr John Philpott said: “With the UK economy at risk of a triple dip recession, around 10,000 public sector jobs being shed each month and 2.5 million people unemployed, it sounds odd to suggest that we’ve just been through a jobs boom.

“Yet believe it or not, 2012 really was a year of extraordinarily strong employment growth. A jobs boom without economic growth is unprecedented in recent UK economic history.”

It’s not all positive

The study also revealed that labour productivity had fallen off and pay squeezes seem to be affecting most sectors. Mr Philpott said that a jobs boom that doesn’t deliver improved standards of living is “like nothing we’ve ever seen before in the UK and not necessarily a signal that the economy is heading in the right direction.”

Unemployment figures in the UK are set to be released soon with a hope for a continued fall in the jobless total. Last month’s data showed a 14,000 fall in unemployment to 2.5 million, while 1.54 million people were claiming jobseeker’s allowance.