Essay On Current Labour Market

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“Analyse the current labour market in the UK with the focus on the sector in which you would like to develop your professional career” (2000 words)
The Financial Crisis of 2007 followed by a period of recession has had a powerful effect on the UK financial sector, which has faced a high number of job losses, pushing the amount of people employed in this sector below pre-recession levels. Alongside multiple countries, England saw a rise in unemployment to some of its highest recorded levels. However, in recent years, the employment rate has reached 75% in Sep 2017 (Clegg, 2017), which for the first time since 2008 is an increase upon the pre-recession employment rate. Within this essay I am going to analyse the current situation in the …show more content…

Of these 32.06 million employees, it is estimated that there were 1,093,900 jobs in the financial sector during the first half of 2015 (Number of employees in the financial services sector in the United Kingdom (UK) from 2007 to 1st half of 2015, 2015). This equates to around 3.5 % of the total work force being employed in the financial sector. However as the trend for the employment rate has shown an increase through the period of 2010 to 2017, it is likely that the total jobs in this sector is much greater; however for the sake of this essay I shall use the given statistic of 1.939 Million. The gender difference in employment is beginning to thin according to the ONS, “70.6% of women aged from 16 to 64 were in work, up from 69.7% for a year earlier” while “79.5% of men aged from 16 to 64 were in work; up from 79.2% for a year earlier” (Clegg, 2017) which clearly shows that more women are in employment which minimalizes gender inequalities, however the gender pay gap cannot be commented on from these statistics. Now to look at unemployment, this has reached one its lowest recorded levels since April 1975. At 4.3% the unemployment rate is remarkably small and already exceeds the government’s target of 5%. This is where the statistics contradict statements from mainstream media such as the Guardian article which was mentioned earlier, while it is true

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