UK jobs prospects jump in May, Lloyds data shows

6th Jun 2013 13:18

UK job prospects rose in May to their highest level in seven months, data from Lloyds revealed Thursday.The net balance for job prospects, the employment confidence indicator, increased by four points to -37% last month, reflecting a two-point climb in optimism to 16% and a two-point fall in pessimism to 53%.Job security was unchanged at a three-year high of -12%, with 18% of survey respondents more positive than a year ago and 30% more negative.Current and expected price balances fell for the second consecutive month in May, which Lloyds said was "driven by smaller shares of households anticipating higher prices".Expected prices fell four points to an 11-month low of 70%, led by a three-point fall to 75% in the proportion expecting higher prices and a one-point rise to 5.0% expecting lower prices. Th net balance of respondents who thought that interest rates will rise over the next 12 months fell two points to 36%. Its recent down-trend in the past 18 months came despite a rise in employment indicators in the survey, suggesting that respondents may perceive that the Bank of England's Monetary Policy Committee has become more willing to look through higher inflation in order to support economic activity.Job security in London was notably weak even though it held the highest job prospects. The worst job prospects were in Wales, the North West and Yorkshire and the Humber. Wales and North East England had the highest job security.The Lloyds Bank Commercial Consumer Barometer asked 2,000 respondents whether their job security and prospects have improved, worsened or stayed the same and whether current prices, expected prices and expected interest rates have risen, fallen or remained unchanged. Net balances were calculated by taking the difference between the percentage of positive and negative responses. RD