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UK – Workers and jobseekers’ confidence in labour market falls, report finds

17 June 2019

Confidence in the UK labour market among workers and jobseekers fell from 77% to 67%, according to a report from jobs site Monster and the Centre for Economics and Business Research.

The report, ‘Monster Jobs Confidence Index’, defines worker and jobseeker confidence as how an individual feels about their ability to find a suitable job in the short-term (next six months), realise their career potential and build a better future for themselves. The index is also a report on the key economic, environmental and cultural factors influencing worker confidence in the UK.

Low productivity was found to be causing the biggest negative impact on worker and job seeker confidence, followed by a reduction in jobs vacancies and the number of apprenticeships available, according to the report. Reductions in general business confidence, consumer confidence, and social mobility have also all contributed to a gloomier outlook for job seekers.

However, an increase in real wage growth had a significant positive impact on worker and job seeker confidence levels, alongside increasing job earnings security. A reduction in the levels of involuntarily part time work and unemployment in the past quarter has also had a positive impact on confidence levels.

By region, workers in Wales and the North East of England are the least confident. Workers in Northern Ireland were found to be the most confident.

Meanwhile, when asked about their future career prospects over the next five years, less than half of UK employees feel confident about their ability to progress.

By sector, workers in the biotech, research and development and science sectors were the least confident about their career prospects over the next six months.

The report said delays in establishing the terms of Brexit will cause more uncertainty for workers and business owners, further reducing confidence.

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