• Job opportunities at a five-year high this Autumn
• Business confidence rising, with more than 165,000 live job opportunities – the highest since September 2008
• For the first time since the index began, all industry sectors and UK regions show year-on-year growth
• Salaries remain static despite growing job market confidence
The nights may be drawing in, but the sun continues to shine on the jobs market this Autumn, with growth in new opportunities across all regions and in every sector of the UK economy.
For the first time since the Reed Job Index began in December 2009, all 12 UK regions are showing a monthly and annual growth in jobs. Scotland in particular continues to show sustained growth, with jobs up 48% year-on-year. The sense of optimism is also reaching all industries, with every sector showing increased jobs compared to the same time last year.
The monthly index, which is compiled using data from over 150,000 vacancies advertised on reed.co.uk, shows that job opportunities are at their highest since the Reed Job Index began in 2009, with growth of over 17% compared to the same period last year. October also saw the largest number of live jobs since September 2008 on reed.co.uk, adding further weight to other positive indicators in the UK economy.
Each of the 33 industry sectors listed on the index is showing year-on-year growth in jobs, whilst all UK regions are showing growth compared to last month. Retail saw one of the biggest increases in jobs posted, with a 17% monthly increase, reflecting renewed consumer confidence as we enter the busy run-up to Christmas. In the construction sector, which has benefitted from four months of consecutive jobs growth, the continued rise in new opportunities helped it to a 74% rise against the same period last year. The manufacturing (+37%), automotive (+61%) and logistics (+58%) sectors all showed promising annual growth in October.
However, while opportunities are continuing to rise, salaries remain unchanged, with wages languishing at the same level as this time last year and 4% lower than when the Reed Job Index began in 2009.
Overall, the Job Index now stands at a record of 180, up from 166 in September and 138 at the beginning of the year.
Commenting on the latest figures, James Reed, chairman of reed.co.uk, says:
"October's Reed Job Index is further evidence of the continued recovery our figures have been showing for many months now. Importantly, this is the first time we have seen growth across every sector and in every region since we started the index at the end of 2009, which is good news for businesses and people around the country. As an economic indicator, the jobs market is demonstrating confidence from employers across the UK to hire new staff, grow their business and support a strengthening economy.
"As we approach a new year, business, government and industry commentators will be keeping a close eye on employment figures as a sign of what 2014 may bring. Particularly in light of the fact that any interest rate rises will be informed by unemployment levels. However, despite a record month for employment, we're still a long way from celebrating a successful recovery as salaries remain unaffected."
The Reed Job Index is compiled by reed.co.uk, through analysis of job vacancies from over 10,000 recruiters throughout the UK tracked against a baseline of 100 established in December 2009. It is the largest monthly measure of conditions and trends in employment in the UK. Reed.co.uk is the UK's largest jobs board, receiving a total of over 120 million visits in the last 12 months and 24 million job applications.