London’s private sector recruitment levels are growing at their fastest pace for 16 years, new research has suggested.
According to the latest Purchasing Manager Survey report from financial data firm Markit, some 150,000 brand new jobs are set to be created in the capital during the first three months of 2014, lse.co.uk notes. If this forecast materialises in the real world, it will represent national growth of 0.7 per cent, which would be the fastest rate of employment growth witnessed by Markit since it began recording the data some 16 years ago.
It is also thought that such job growth would also single-handedly bring nationwide unemployment down to the seven per cent mark set out by Bank of England governor Mark Carney, when he spoke of tying interest rates to job figures.
Specifically, it’s the manufacturing, building and services industries which are set to drive the lion’s share of this growth, as they look to build on strong results posted at the end of last year. Building and construction firms in particular are experiencing a buoyant spell, as Help to Buy continues driving home ownership and providing them with new contracts quicker than they can take on staff to fulfil them.
Commenting on the results, economist at Capital Economics, Samuel Tombs, told standard.co.uk: “With business and consumer confidence strengthening, credit constraints loosening and the squeeze on real pay easing, the UK economy should experience another year of robust growth in 2014.”