November 11th 2003 - The UKâs finance and banking, and consulting services sectors both saw big increases in new employment positions in October while the telecommunications, energy and insurance sectors suffered, according to the Mandis/Adecco Job Creation Index (JCI), launched today.
The Mandis/Adecco Job Creation Index, launched for the first time today, is a monthly tracker of UK jobs created across 21 industries across the UK. This âliveâ data, gathered via research during October into the employment intentions of 500 leading UK organisations provides a key, up-to-date indicator on economic performance and confidence across the sectors. The monthly study is conducted by Mandis Business Intelligence and sponsored by Adecco, the UKâs largest recruiter.
The JCI figures are determined by comparing the number of jobs created within each sector during October with an average number created for each month during 2003. The JCI figure shows how many percentage points, above or below average, each industry is faring.
During October 2003, 43,389 jobs were created amongst the surveyed companies and from this figure the following trends can be highlighted:
- Finance and banking created more jobs during October, registering +59 on the JCI
- Support services and consulting was another notable riser with a JCI score of +14 for October
- Insurance and pensions was a big faller from the baseline with a JCI score of -100
- Energy fell from the baseline with a JCI score of -91
- Telecommunications jobs were more scarce in October, with a JCI score of -87
Richard Macmillan, Managing Director of Adecco UK said: "October is traditionally a quiet month for new job creation, and we have seen a slower month compared with the rest of the year. However, finance and banking has not suffered from the Christmas malaise and itâs interesting to see support services and consulting services generating a significant number of jobs again. We see this as an indication that general business activity is increasing as companies turn to outside advisors for their expertise rather than managing projects in-house."
The retail sector created a significant number of jobs in October because of the run-up to Christmas, although this number was less than those recruited in September. Also land and property appointments were up significantly in October (JCI of 1%), proving that the property boom is far from over despite concerns about potential interest rate rises. Leisure and healthcare sectors were also down with respective JCIâs of -69 and -79.
He continued: "Weâve launched this survey with Mandis to provide a live barometer of the winners and losers in the UK jobs market. There are many surveys around, but few that give such an up- to-the-minute health check on which industries are improving job creation and those that are lagging behind."
Ray Murphy, Managing Director of Mandis Business Intelligence, comments: "The figures produced by the research are not forecasts. In recording newly implemented activity and initiatives now taking place or forthcoming, the data is firmly bedded in reality. The study focuses on dynamic aspects of the UK economy that are actual, measurable drivers of growth. In overall terms, Octoberâs numbers are a little disappointing for most sectors, but leave room for a pick up in confidence, over and above seasonal trends, as the year draws to a close."
Commenting on todayâs findings, Rebecca Harding, of the Work Foundation think-tank said: "Against the background of suggestions that jobs in services and banking are increasingly moving abroad, it is encouraging to see that, during October, jobs were also created in the UK in those sectors most affected, such as banking, finance and support services. A long term piece of research like this will enable us to understand more about the value added that these jobs will provide and, hence, to understand the real areas of growth in the economy."
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