The UK’s economic downturn as a result of covid:
- The Northern Ireland region records the highest recovery of 51% with a low count of 5,805 number of jobs out of the total 447,898 statistical data.
- One good reason could be that Northern Ireland is popular for food processing and textile manufacturing which can never go obsolete as a demand.
- Close on its heels, to record a speedy revival is West Midlands with a top score of 35,020 number of jobs and a recovery percentage of 44%. West Midlands is known for its prominence in medical technology & healthcare, which is one of the sectors this region specializes in.
- Surprisingly, the business hub, London reflects a mere 29% despite being right on top with a high of 74,952 jobs, which is the highest number of jobs with the marker share 16.73%; this is a clear indicator of the quality of jobs that have cropped up across regions.
If we were to analyze the data for the month of September 2020, the data showcases a total of 448K jobs vis-à-vis 647K jobs in September 2019. This definitely reflects a positive trend post the pandemic wave,as there is more than 70% recovery in the availability of jobs in the market.
It is quite stimulating to notice that despite the aftermath of the pandemic, the job market is making every effort to make a comeback as economy is being revived across the globe.
However, there is 30% more to recover in this journey. It would be interesting to wait and watch how the last quarter of 2020 responds to the market trends; after the initial bounce back as markets return fully to pre-COVID-19 levels to the ‘new-normal’
Job market data – Regional trends:
Of all the 12 regions in the UK, it would be thought-provoking to notice some facts that are backed by our data;
- The North Eastern region has shown a spike by 91% growth rate as against 58% last month. The popular industries in this region are Life Sciences, Digital, Energy and Business Services constitute to the diverse revenue generation here.
- The second on the road to recovery is the East Midlands region which records a 85% growth as against 55% last month. This region could be deemed a Manufacturing hub and since most manufacturing units are reviving their operations across the globe, keeping in mind the health and safety norms in mind, it is quite evident how this region has made a bounce back to action.
- On the contrary, London has shown a mere 53% growth this month as against a 39% last month. London being the hub of a lot of businesses and the center of all Finance and Accounting activities, this city has taken a downturn due to the global economic slump.
- Wales has been a pioneer in Energy & Environment and Tourism and has shown slow progress and hence is second on the chart from the bottom in terms of showing retrieval with a 54% growth rate.
The pandemic has given businesses nightmares but it’s not woebegone completely.
Our data is illustrative of this, surprisingly for most businesses;
- Peterborough reflects a 3,090 jobs this month with 50.4% growth and tops the chart in terms where industrial, agricultural and cultural businesses cooperate, collaborate and flourish.
- Second on the path to recovery is Belfast which records 49.5% with a total of 2,431 jobs to its credit. Belfast is known for its machinery and equipment manufacturing, food processing, textile and electronics manufacturing. Food processing and textile industries are ever in demand and hence would have acted primary revenue resource for the city of Belfast.
- Plymouth chronicles the least growth of 20.1%; one reason could be that Plymouth is known for its Creative enterprises, Marine and Renewables and Tourism and Leisure.
The second least in growth from the bottom is Brighton and Hove with a growth of 23.3%.
This city is known for its Tourism and Advanced Engineering Industries, which globally are majorly affected sectors. Another astounding fact would be to notice London, a growth rate of only 25.6% despite having received 50,183 jobs which constitute 11.20% of the market share. This is indicative of the quality of jobs in the talent market data.
Out of the 314, 380 jobs the following are considered to identify the top categories,
- Healthcare sector has 62,088 highest jobs with the growth of 17.8%.
- Management sector has 44,969 jobs with the growth of 12.9%.
The reasons are quite tangible as the post pandemic has propelled many a businesses to rethink, re-strategize and realign their business goals, looking for more manpower in the C – suite of executives.
On the other hand, we have Customer Service and the Educational sectors showcasing the least growth with as low as 4.8%. With the covid-19 paranoia making its rounds most governments around the world have temporarily closed educational institutions in an attempt to reduce the spread of COVID-19.
As of 30 September 2020, approximately 1.077 billion learners are currently affected due to school closures in response to the pandemic.
According to UNICEF monitoring, 53 countries are currently implementing nationwide closures. The least growth affected sectors doesn’t come as a surprise as the global business paradigms have changed overnight.
- This pandemic has given the Healthcare industrial sector a huge boost of 52,292 jobs with the market share of 26.1% and growth rate of 24.83%.
- The second to top the industrial category is the Retail and Consumer Goods with a total of 22, 213 with the growth rate of 12.95% and market share 16.7%.
- An interesting fact we would like to highlight here is that the Education sector has shown the highest growth of a little more than 80% with a market share of 6%. The reason it charts the highest on the growth percentage is explainable as September is a month when the new term begins and the industry would have clocked more hirings during this month.
Post the lockdown, with the restrictions to movement being relaxed to a great extent, this industry is steadily showing signs of recovery.
For more information on real time market trends, click here: Top Cities UK- Real Time Market Trends