New Data Reveals Post-Brexit Impact and Recovery of the Job Market

Following the news of a dramatic drop in number of available jobs in the UK following the vote to leave the EU, new data reveals the number of available jobs in July, compared to end of June and the same time in 2015.

Just as the stock market made a swift recovery, the UK jobs market has dramatically improved from last week, but is still down from last year. In the second week following the Brexit, 1.36 million job openings in UK were posted and around three-in-10 of those adverts were for new positions.

The initial shock of the Referendum result that caused the market to contract by 650,000 jobs in a week looks to have dissipated, and we have seen a boost of more than 547,000 jobs advertised online in the last seven days. Job levels are just under seven per cent down on where they were in the week prior to the vote and during the same week last year. Interestingly, the rate that the UK is posting new jobs has also been relatively stable over the last three weeks. And while it is still very early days, the UK jobs market has so far been resilient enough to withstand buffeting during this period of extraordinary uncertainty. Monitoring changes over the coming weeks and during the EU negotiations will be critical for understanding the impact to employment levels and therefore the health of the economy.

 

2016

2015

7-day period

Available Jobs

New Jobs as a Proportion of Available Jobs

Available Jobs

New Jobs as a Proportion of Available Jobs

14-22 June
(pre-Brexit)

1,466,113

27.65%

1,485,199

18.19%

23 June – 4 July (post-Brexit)

817,376

27.41%

1,548,084

22.22%

5 – 11 July

1,364,198

29.51%

1,464,934

20.81%

Posted: Thu 01 Jan 2015
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