Private Sector job creation may offset Public Sector job losses

The Chief Economic Advisor at the CIPD, Dr John Philpott, said that “Signs of not only sustained but also increasing buoyancy in private sector job prospects is encouraging, especially since some other forward looking economic and labour market indicators have been subdued of late. What remains to be seen is how much of this good news is merely a pre-festive season surge in private sector jobs or evidence of a sustained improvement that will continue to offset large scale public sector job cuts which, as the LMO survey shows, are already well underway and on a scale in line with the CIPD’s current forecast for total public sector job losses by 2015-16. With employers clearly far more cautious about the 12 month than the 3 month jobs outlook it is far too soon to conclude that the UK will avoid a rise in unemployment in 2011.”

OBR revises Public Sector job loss figures

Recently the Office of Budget Responsibility (OBR) revised its prediction that 490,000 jobs will be lost in the Public Sector. Earlier in the year the organisation said that 490,000 jobs would be lost, however now the best prediction is 160,000 less, at 330,000. Although the predicted job losses are still severe the revised prediction represents a positive move for the UK economy.

The Office of Budget Responsibility’s (OBR) Chairman, Robert Chote, said that \”The economy will continue to recover from recession, but at a slower pace than in the recoveries of the 1970s, 1980s and 1990s. There is considerable uncertainty around any economic forecasts. These are our best guesses and caution is something for policy makers to consider. The OBR has slashed its original forecast for public-sector job cuts by 200,000 for the period to 2015-16 as a whole. However, the OBR’s estimates of likely public-sector job losses is far lower than indicated by managers on the ground and it will be interesting to see if optimism in the public sector workforce now starts to pick up.

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