UK manufacturing jobs have wavered under the pressure of the credit crunch according to new research from technical recruitment company Roevin, and Mandis Business Intelligence.
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The Job Creation Index (JCI), a measure of the number of new jobs on the market in different sectors, found that new jobs for manufacturers have fallen by 75% in April 2008 as compared to the same period last year. While jobs in industries such as finance have shown shock growth in the face of economic uncertainty, manufacturing seems to have been hard hit.
The JCI figures are determined by comparing the number of jobs created within UK industrial sectors each month with the number of jobs created for the corresponding month in the previous year. The JCI figures show individual industry performance, measured as a percentage above or below the number of jobs created from a year ago.
Recent reports from the Office of National Statistics indicate that the price of manufactured goods has risen by 7.5%1, the highest rate of growth seen since 1986. Coupled with a 23% rise in the cost of manufacturing, and cautious British consumers, there are indications that the economic burden is being passed on to the recruitment market.
Top JCI figures at a glance:
Manufacturing roles have fallen from 840 jobs created in April 2007 to 207 from the same period in 2008 ñ a 75% drop
Building and construction jobs have increased in the same period by 25%
Energy and Utilities has seen a 21% increase
Finance roles have witnessed a massive rise, from 30 jobs created in April last year, to 4,774 in 2008
Pharmaceutical and Biotechnology roles have fallen by 60%
Keith Gallagher, Managing Director of Roevin comments; ìThe economic slowdown has been a major talking point over recent months and the latest results indicate it could be rearing its head in the manufacturing industryî.
ìLast month we saw the CBI warn of dented confidence from manufacturers and the potential of up to 18,0002 manufacturing jobs being lost in the months ahead,î Keith continues. ìWhile we may be seeing the beginnings of a slowdown in certain areas, itís encouraging to see that jobs are still being created, and for those professionals with the right skill set there remain plenty of opportunities available to them.î
Manufacturing jobs hit by the credit crunch
Jobs show signs of decline as the credit crunch takes a bite out of the UKís manufacturing industry
