- Posted July 15, 2014 by
Cardiff, United Kingdom
Mixed News for Post-Recession British Millennials
As the United Kingdom slowly emerges from the recession, the ray of silver lining is beginning to shine for the young folk of Great Britain. According to latest report from High Fliers, entitled ‘The Graduate Marketing in 2014’, graduate recruitment has returned to the pre-recession high with a rise of 11.6% in the number of graduate vacancies in 2014. Entry-level vacancies alone have risen 8.6% from 2013, this will mean far more opportunities for graduates to enter the work place following graduation.
However, while the news for recent graduates may be improving, those who fell into the 22-30 year old age bracket have been found to have been hit the hardest. Going by a recent report by the Institute of Fiscal Studies (IFS), which was based on Government figures part funded by the Joseph Rowntree Foundation, household incomes for people aged 22-30 dropped by 13% between 2007 and 2013. Comparing this to the 31-59 year old age bracket, who suffered a 7% drop in household income during the same period. The report also found that while the employment rate has remained steady for the 31-59 year olds, it dropped by 4% for 22-30 year olds.
On the bright side, hiring has reported to be rising sharply by the Purchasing Managers Index (PMI) Report published by Lloyds Bank Commercial. Together with the end of downward trends in employment, and coupled with a higher recruiting rate amongst the graduate market, the 22-30 year old employment prospects is surely beginning to recover.