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Tuesday, 6 May 2008

Jobs and the economy in 2008 - an update

It may seem like the slowdown in the world economy is not having an impact upon the jobs market in the UK. This is probably true for now, but this doesn't mean it won't.

The first people who are likely to lose their jobs in the current slowdown are those working for the big banks. Another big bank, UBS, announced 5,500 worldwide job cuts this morning. These jobs cuts will be made over the next year through a process of redundancies, fewer job created and natural wastage. All in all it is estimated that banking jobs and those jobs supporting the banking sector will fall by between 20,000 and 40,000 in central London alone.

Wider job losses are likely to follow soon after. The next groups to suffer will be those working in the housing market. With fewer housing transactions there will be less work for estate agents and house builders.

Next as the housing market slows and as the price of day to day living increases, people are likely to be spending less at the shops. Retailers have already started to see sales falling in March and probably in April. Some retailers will go bust and jobs will be lost.

Jobs will gradually be lost from the wider economy. As activity slows there will be less business to do and less need for additional staff. Tighter margins will mean that cost saving measures will be necessary for many businesses, including cutting headcounts.

One upside is that manufacturing may fair slightly better than it has done in the recent past. The weak pound should help to make British manufacturing more competitive, helping to support manufactured exports. However, with the world economy slowing and Britains export partners suffering this is not guarenteed.

Although the labour market has remained resilient in the first few months of 2008, expect to see unemployment start to rise in the next few months. We are not going to see unemployment levels at a level comparative to the early 90s, but it is going to be quite unpleasant for many.

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Thursday, 18 October 2007

Try, try and try again

I am pleased to announce that a good friend of mine has recently got the job he's been looking for. This hasn't been an easy ride for him, it has taken him over six months to get to this point. However it has been worth it as he now has a job which he'll be happy to go to in the morning and should help him to progress in his career.

Although this method isn't for everyone, as certainly isn't an option if you aren't already working, it shows that there is merit in not panicing and taking the first job that comes your way when things aren't going your way. With hardwork, a little luck and percerverance you are very likely to get something that will make you happy.

Even in these days of growing economic uncertainty there remains a wide range of jobs out there for you to go and get. So read this site, get prepared and make sure when the job you really want comes around you're in the best place to go and get it.

If you do, then please help the rest of us out by sharing your interview experiences and questions on this site.

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posted by Carl Malways at | 0 Comments Links to this post