The manufacturing industry appears to have suffered the most from the credit crunch in terms of jobs, according to research by the Job Creation Index (JCI).
The level of new jobs in the sector in April fell by 75 per cent in comparison with the same period last year; down to 207 from 840.
New building and construction jobs were up by 25 per cent and energy and utilities rose by 21 per cent. New finance roles, surprisingly, given the current economic climate, increased immensely – 4,774 last month compared with just 30 in April 2007. Pharmaceutical and biotechnology jobs, manufacturing’s only reported bedfellow, were down 60%.
Keith Gallagher, managing director of Roevin Technical and Engineering Recruitment Services, said: “The economic slowdown has been a major talking point over recent months and the latest results indicate it could be rearing its head in the manufacturing industry.
“Last month we saw the CBI warn of dented confidence from manufacturers and the potential of up to 18,000 manufacturing jobs being lost in the months ahead.”