Marino Mamertino, Economic Research Analyst for Indeed, is one of our keynote speakers at The Job Board Summit 2015 – Europe. His background at the International Labour Organisation combined the data he has access to today, via Indeed, positions him well to look at ‘The Future Recruiting Economies of Europe’.
He has just this week been commenting on September’s new employment figures which show a significant weakening labour market in the UK, with job postings declining across all sectors in September compared to the previous month.
Education experienced the biggest drop in job postings between August and September, with listings in the sector falling 13%, followed by healthcare at 11%. Manufacturing also took a hit this month, with job opportunities falling by 6% compared to August data and 11% since last quarter.
This coincides with CIPS and Markit’s latest Manufacturing Purchasing Managers’ Index (PMI) which dipped to 51.5 in September from 51.6 the previous month. The report identified job cuts in the sector for the first time since 2013. Such measures indicate that manufacturers are becoming more cautious about the future, which could lead to a further scaling-back of production at some firms in coming months.
This dip follows an extended period of job growth in the UK. According to the Office for National Statistics (ONS) data revealed this month, there were 31.12 million people in work in the UK in the period from June to August, 140,000 more than in March to May 2015.
While the September job postings slump is to an extent unexpected, a possible weakening UK job market coincides with a wider economic slowdown experienced internationally. This month, the International Monetary Fund warned that the world economy will this year grow at its slowest pace since the global financial crisis, fuelled by deep slowdown in China and other emerging economies.
Mariano commented for us that “this September dip in job postings growth signifies that the strong employment growth figures reported for the three months to August may ease in the coming months”.
He continued, “Weakness in the struggling manufacturing industry appears to be spreading to other sectors of the economy. Global economic uncertainty, fueled by the deep slowdown in China, and financial market jitters may be playing a part in a potentially weaker labour market outlook for the UK in the months to come.
“With the employment rate at a historical record and the unemployment rate approaching pre-crisis levels, employers need to be prepared for a labour market that has significantly tightened. This means that it is more important than ever that employers are in-tune with the motivations, preferences and expectations of UK jobseekers. Finding the right candidate for each role not only helps avoiding the costs associated with high turnover, but helps ensure that new employees are fulfilled and motivated – making them likely to become loyal and productive employees.”
Mariano will look at these trends at The Job Board Summit 2015 – Europe, alongside the macro trends, economics, political and demographics.
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