Hiring in the UK down 31% YoY, but is starting to show signs of recovery
Hiring in the UK is down 31% on this time last year, according to data from LinkedIn. Despite this still being a decrease, it is up from the -49% seen a month ago.
New data from LinkedIn finds that the UK labour market is starting to rebound, but the rate is uneven across industries and lags behind European counterparts.
Over the last two weeks, legal, software & IT services and corporate services’ hiring rate is at -16/17%, which is the strongest rebound in hiring. Media & communications and construction were both down 38%, manufacturing was negative 41% and recreation and travel sat at -66%. Retail (-34%) and entertainment (-51%_ also showed no signs of an improvement in hiring.
Countries such as Italy and France are now trending above the UK. China and Singapore are back in positive territory, recording hiring rates of 11% year-on-year on 17th June.
Adam Hawkins, head of search & staffing at LinkedIn, said, “It’s encouraging to see the UK labour market show gradual signs of recovery one week after lockdown restrictions have eased, particularly after the deep declines we saw a few weeks ago. This will be welcome news to recruiters who are playing a crucial role in restarting the economy. However, there is still some way to go before things get back on track. Hiring is still negative, particularly amongst Recreation & Travel, Entertainment, and Manufacturing, and the UK continues to lag behind its European counterparts. While there is inevitably more turbulence ahead, we hope to see hiring pick-up as lockdown measures continue to lift.”
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