London begins slow trek out of recession as bosses look for staff
PUBLISHED: 07:00 08 December 2009 | UPDATED: 15:21 05 October 2010
LONDON is slowly easing its way out of recession, a job recruitment survey out this-morning shows.Employers are reporting “positive hiring intentions” for the first time since last winter, according to responses from 2,100 companies
LONDON is slowly easing its way out of recession, a job recruitment survey out this-morning shows.
But we’re not out of the woods yet, analysts warn.
Employers are reporting “positive hiring intentions” for the first time since last winter, according to the survey by Manpower recruitment services organisation based on responses from 2,100 companies.
The survey shows a modest growth expected in the first quarter of the New Year of around two per cent, above the static national average forecast.
London’s outlook is said to be stronger by seven percentage points compared to the summer and just one percentage point weaker than a year ago when the recession began to bight.
Best prediction is a seven percent improvement in Finance and Business Services, the sector centred around Canary Wharf and The City which was first hit by the downturn in the economy.
“London was the first region to feel the full force of the recession as Britain’s financial centre,” said Manpower operations manager Paul Laurie. “But having weathered the economic storm, these results could be a first-indicator that the worst might be over for London’s labour market.”
Some encouraging signs are emerging, according to the Manpower Survey, such as headcount growth’ in customer services in telecommunications, hotels and retail.
Researchers believe London could be embarking on its “first tentative steps along the bumpy road to longer-term stability.” But they warn that competition for jobs remains high.