In the last 6 months, numbers employed have grown by 350,000 to more than 29m, mainly driven by increased part-time work and self employment however this growth spurt may level off next year.
The Office for Budget Responsibility expects that unemployment will rise to a peak of 8.1% in 2011 before dropping to 6.1% by 2015. They also predict that the private sector will create 1.5m jobs over the next 5 years, more than offsetting the 400,000 it expects to be lost in the public sector. This would represent a stronger recovery than during the 1990s. So which sectors will be offering the most opportunities for graduates?
Since 1980, the UK's strongest net job creating sectors have been health and social work, professional, scientific and technical, administration and support services, accommodation and food services and wholesale/retail. Now, surveys suggest manufacturing, green jobs and creative industries may play a greater part in job creation but not the main drivers. This will still go to similar sectors as before led by the professional, scientific and technical sector namely lawyers, accountants, consultants and marketing. The government is also keen to highlight job creation from SMEs especially innovative firms in industries undergoing restructuring. These aren?????t necessarily start-ups but often at least 5 years old. The government has vowed to invest in SMEs where the UK have a competitive advantage such as green technology, pharmaceuticals and advanced engineering.
