Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

U.K. New-Job Index Falls on Public-Sector Demand, Reed Says

Don't Miss Out —
Follow us on:
U.K. New-Job Index Falls
Britain's government is counting on the private sector to boost payrolls as it cuts public jobs. Photographer: Chris Ratcliffe/Bloomberg

Jan. 4 (Bloomberg) -- A U.K. gauge of new jobs dropped this month as demand for workers in the public sector plunged, recruitment company Reed said.

The Reed Job index fell to 104 from 111 in November, the London-based company said in a report today. The index for public jobs dropped to 42, the lowest since the index began in December 2009. A gauge of salaries increased, boosted by the consultancy, retail and banking industries.

Britain’s government is counting on the private sector to boost payrolls as it cuts public jobs to reduce the record budget deficit. The Office for Budget Responsibility estimates that about 330,000 government jobs will be axed by 2015 as part of the fiscal squeeze.

“There are grounds for cautious optimism about new job prospects in 2011,” Reed.co.uk Managing Director Martin Warnes said in the report. “Rising private-sector demand has been enough to create year-on-year growth in spite of steep falls in new public-sector jobs.”

The index of salaries for new jobs rose to 99 in December from 96 in November, with the measure for retailing jumping to 124 from 109. In banking, the salary gauge rose to 108 from 95.

To contact the reporter on this story: Fergal O’Brien in London at fobrien@bloomberg.net

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.