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17-Jul-08 12:15 [Research]
Job market 'still props UK economy' The Chartered Institute of Personnel and Development (CIPD) has said that the latest employment figures released by the Office for National Statistics (ONS) are continuing to "defy" other trends in the economy.
According to the ONS, employment statistics in Britain are still going strong regardless of the current economic climate.
CIPD public policy adviser Gerwyn Davies commented that the Bank of England and government will be comforted by the news that job figures are up.
He said: "It requires a leap of imagination to compare this situation with the previous downturns when unemployment was measured in millions and pay levels rocketed."
Mr Davies added that employers are fighting to attract and keep talented staff, many have been discouraged from making redundancies.
Despite this, Mr Davies warned that the figures did not include the past month's redundancies, highlighting possible future job losses that could make the labour market a "white knuckle ride" in the next few months.
The advice comes after the last week's announcement by Barratt Homes chief executive Mark Clare, who warned that up to 60,000 people could lose their jobs in the construction sector alone.
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