UK Economy Contracts by 0.5% in final quarter of 2010

The Chief Executive of the Recruitment & Employment Confederation, Kevin Green, said that “The economy is still predicted to grow by just over two per cent during 2011 but while this won\’t drive huge job creation, it will be enough for the jobs market to remain positive. However this does clearly show that the Government must do more to stimulate growth and job creation. The one million young people not in work or education is a critical issue that must be addressed quickly to avoid a lost generation. To address this, an incentive to private sector employers to hire young people must now be considered urgently.”

Recently the Chartered Institute of Personnel and Development (CIPD) predicted that 2011 will see the jobs market in the United Kingdom weaken, although it does not expect a return to the ‘dire recession days of 2008 and 2009’. The forecast has been generally echoed by current job forecast indexes and professional recruiters who believe the 2011 will be a tough year, especially once public sector job losses start to bite. However, the latest ONS figures could cause doubt over these predictions.

The Chief Economic Advisor at the Chartered Institute of Personnel & Development, John Philpott, said that “2011 will be a ‘fingers crossed’ year for the economy and jobs. If all goes well and the unexpectedly strong progress made in 2010 is sustained, the jobs market will be able to cope with the impact of the coalition government\’s spending cuts and tax increases without any significant rise in unemployment. However, things only have to turn out a bit worse than expected in the wider economy for the jobs situation to weaken, which remains the CIPD\’s central forecast. Either way, this doesn\’t mean that we are facing a return to the dire recession days of late 2008 and 2009, but nonetheless 2011 will probably feel like another year in the economic doldrums, rather than the start of a return to prosperity.”

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