State of the Market

[sreed]

A week after the election and zero bounce on Jobserve.

When interest rates were near zero 3 years ago, I though 5%+ interest rates would kill the economy in general.

The only thing that seems to have been killed are large chunks of the IT jobs market.

Which other job markets (i mean outside of IT) are having a equally bad or worse time than us?

I wouldn’t expect the election to have any noticeable positive/negative impact on the job market. The results have been priced in for a long time now and the overarching theme has been no-change, no surprises. A few sectors might be impacted by new policies (eg: favourable to the UK green sector, adverse to the UK oil & gas sector) but it's not going to create any major sudden movements either way.

If (and it’s a big if) the new govt manages to settle in and offer a realistic prospect of 5 years of stability in major policies, then that might be one small factor that is favourable. But again, there are many more as important (if not more!) factors in the background that will contribute to what happens.

As per ONS time series data on job vacancies (I’ve taken ‘Information and communications’) as the closest IT equivalent -

Major sectors doing materially better - public admin, defence, scientific, health & social

Major sectors doing similar - Finance and insurance, arts, education, manufacturing, transport & storage

Major sectors doing much worse - retail, wholesale, motor related

[Skyliner33]

I was given notice 8 weeks ago now, bank ran out of budget, usual stuff, kept applying for 4 weeks but not getting much back, even to a couple of roles I knew I would be perfect for. 1st day on the bench had a second interview, and got offered it that night. It's not contract, but FTC maternity till end of 2026, decided I'll take it and ride out the wave (hopefully).

Didn't want to wait around doing nothing for months, start date after vetting is in 2 weeks, so enjoying 6 weeks off. Contracting since 2016 and never been out of work, but it just seems the good times went a long time ago, 2021 the phone and linkedin was going off every other day like others have said, 2022 approached for my best day rate ever, whilst also doing some other consultancy which was a great year, last 12 months lower inside day rate whilst having to commute to London twice a week.

Now another big pay cut on on PAYE, plus sides are big company pension contribution and no commuting to London and what seems like a good company, mentally it's hard to take though after looking at what I was earning in 2022/23. What I noticed In my field now (UX/UI) is total oversaturation of candidates, and if course not enough work, too many overnight bootcamps and people coming into the industry. I've enjoyed some good years, now I'll cut back a bit and see what the market is like come 2026.

Feel for all the people still struggling for work, ultimately I decided taking a perm role rather than waiting around for months with no guarantee was better.

[willendure]

Major sectors doing materially better - public admin, defence, scientific, health & social
Major sectors doing similar - Finance and insurance, arts, education, manufacturing, transport & storage
Major sectors doing much worse - retail, wholesale, motor related

In other words sectors dependant on government borrowing to fund them are doing well.

Private sector investment is practically non-existant, especially in the UK which lags the G7 on private investment. https://www.theactuary.com/2024/06/2...mentary%20term.

Similar set up in many ways to what happened in the 70s. Except the government debt load is at end of WW2 levels, and was much much lower back in the 70s.

Expect more inflation and private capital will hide out until that clears. In a decade or two.

[dsc]

Green energy sector was super hot when gov money was pouring in, now that tap has been turned off and suddenly it's not that great, perhaps green energy should cost more as otherwise companies can't even break even let alone earning anything etc. High interest rates are a killer atm, so pretty much everyone is taking a deep breath and waiting whilst also cutting costs.

[SchumiStars]

Market not looking great for UX/UI Design roles so it's a good thing my contract has been extended until the end of the year.

I am not even sure the market will return now.

Might get myself a Prius and start Uber and give up now.

[SussexSeagull]

Whisper it but might have been a bit of a dead cat bounce in the last few days. Actual suitable jobs are appearing.

[SchumiStars]

https://www.theguardian.com/business...from-september

A way of job cuts or perhaps a step in the right direction. I would personally love being in a (London) office. Would be so great to be back in the buzz of things.

[Snooky]

[url]I would personally love being in a (London) office. Would be so great to be back in the buzz of things.

Oh yeah, what a buzz! Wasting my life on public transport for 3 hours a day so I can sit at a desk dealing with end users who are all in different countries.

I did that in the City for 30+ years, I can cope without the buzz ta very much.

[PCTNN]

Might get myself a Prius and start Uber and give up now.

Even better. Get yourself a bike (or an e-bike if your fitness is not there yet) and do just eat/deliveroo deliveries. Get some money and stay in the best shape of your life.

[PCTNN]

Market not looking great for UX/UI Design roles so it's a good thing my contract has been extended until the end of the year.

Also, client asked if I would ever consider going permanent, to which I said I would but only next year because now I need contractor's money. So yeah, 2025 will be the year I stop contracting it would appear.