logo

United Kingdom’s Labour Market PDF

   

Added on  2021-06-17

11 Pages2085 Words30 Views
 | 
 | 
 | 
Labour Market 1THE UNITED KINGDOM’S LABOUR MARKETby (Name)The Name of the Class (Course)Professor (Tutor)The Name of the School (University)The City and State where it is locatedThe Date
United Kingdom’s Labour Market PDF_1

Labour Market 2ContentsThe United Kingdom’s Labour Market.......................................................................................................4Hospitality Industry Labor Market..............................................................................................................6Curriculum Vitae for the position of a hotel manager..................................................................................8
United Kingdom’s Labour Market PDF_2

Labour Market 3The United Kingdom’s Labour MarketOver the past few months, the UK labor marketing has been sending mixed signals. Lastyear for instance, the country exhibited a significant increase in the rate of employment and thenumber of jobs opportunities rose significantly. The number of people with gainful employmentgrew by 102,000, thereby setting a new record high in the country despite the market expectationthat the level of employment would drop (Goodman, 2018). However, the inflation level and thewage growth remained significantly weak during the year. Specifically, the basic pay increasedby 2.4 percent but still lags behind the rate of inflation in the country. Overall estimates from theLabour Force Survey indicate that between the last quarter of 2017 and the first quarter of thisyear, the number of people in work has risen significantly (Goodman, 2018). As a result, thenumber of unemployed individuals in the country has reduced also. Therefore, the UK labourmarket has significantly improved over the past few months. It is imperative to note that the rate of unemployment has gone down significantly overthe last few months. As at March this year, the UK labour force had 32.34 million people whowere actively employed (Office of National Statistics, 2018).. Notably, this figure isapproximately 197,000 people higher than those who had gainful employment last year, andmore than 396,000 more than for the year before (Office of National Statistics, 2018). On theother hand, the level of joblessness in the country also reduced substantially over the past fewmonths. Specifically, the rate of unemployment was estimated at 4.2 percent. This figure isapproximately 0.4 percent less than the level of unemployment in the country in the previousyear (Office of National Statistics, 2018). Additionally, the number of people between the age of16 and 64 years who are jobless and not looking for work also decreased significantly
United Kingdom’s Labour Market PDF_3

Labour Market 4Basically, the labor force of the country is either employed in the private sector or thepublic sector. As at December 2017, about 5.35 million workers were employed in the country’spublic sector. Notably, this figure is a reduction from the December 2016 data by about 100,000people (Office of National Statistics, 2018). Mainly, this fall can be attributed to the shift ofEnglish housing associations to the private sector. In retrospect, there were about 26.90 millionindividuals employed in the private sector as at December last year. Notably, this figure is biggerthan the 2016 figure by 502,000 people (Office of National Statistics, 2018). Predominantly, theincrease in private sector employees can also be attributed to the shift of the English housingassociations to the private sector. The labour productivity of the UK workforce has also increased over the period. It isworth noting that the labour productivity is measured in terms of output per hour. Notably, thelabour productivity of the UK workers was estimated to have increased by 0.7 percent betweenthe third and the last quarter of 2017 (Office of National Statistics, 2018). In the same manner,the output per worker also grew by about 0.1 percent in the last two quarters of 2017 (Office ofNational Statistics, 2018). It is important to also point out that the labour productivity increase inboth the manufacturing and service industries by 0.3 percent and 2.6 percent respectively fromthe previous quarter (Office of National Statistics, 2018).There are various forms of employment in the country comprising of part-time work,self-employment, temporary workers, agency work, and zero hours contract. Part time workmakes up 26.2 percent of total employment in the country. On the other hand, the level of self-employment in the country is estimated at 15 percent of the total level of employment in thecountry (Labour Market Outlook, 2018). As for agency work, survey data approximates thatnumber of individuals in the country involved in this kind of employment is between 800,000
United Kingdom’s Labour Market PDF_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
South Korea Economy: Growth, Inflation, and Unemployment
|4
|714
|84

Economics for Business: Unemployment Rate in UK during Pandemic
|13
|924
|322

Canada adds 67K new jobs in January, but unemployment rate rises to 5.8%
|3
|548
|299

Unemployment in Australia: Causes, Measurement, and Policies
|13
|2179
|333

Unemployment in Singapore: Microeconomic Concepts and Government Policies
|7
|1603
|441

Assignment on Resourcing and Talent Planning
|23
|5791
|127