UK online job advertisements posted on Adzuna have now risen to 18% above February 2020 levels, a four-percentage point rise in the week ending May 21st. The rebound in vacancies continues to be driven by sectors that have benefitted from the pandemic and reflect the UK’s ambitions to become a technology leader.
Manufacturing surveys have been very strong (e.g., Markit, CBI), no doubt linked to the impressive array of renewable energy projects that have been approved in the UK. CBI domestic industrial order books have recovered much faster than export orders.
The North East has seen the largest increase in job advertisements of any other UK region since February 2020, up 57.5%. Recruitment by GE has already begun for some of the early work roles that will support the Dogger Bank Wind Farm.
The jump in Eurozone consumer confidence in May, together with a host of upbeat survey data, suggests that growth is accelerating in France, Germany, and Italy. However, the ECB must contend with a very uneven recovery. The latest data from Eurostat reveal significantly different inflation rates for services sectors between nations, with Greece, Spain, and Portugal lagging.
