Brexit. Are you tired of this word yet? It is all that seems to be on the news, on your local newspaper headlines, and on any form of social media platform you can think of. If it seems to be encroaching on every aspect of your life, that is most likely because it is.
Although a nuisance, it is not without good reason that this topic is everywhere. However far in the future this EU split may be, there are plenty of precautions being taken here and now that must be taken note of by economists and citizens alike.
As of late, there have been significant changes in the job market for some particular hiring sectors. An index by IrishJobs.ie notes that in the three months preceding July, there was a 4pc decrease in job postings as a hiring sector wide statistic.
Some of the largest reductions in possible hirings come from firms that are operating in the accounting, financial services, and pharma sector. These three all have come to the conclusion that their particular category may be more hardly hit by Brexit, given that these types of services are not particularly a necessity. If people’s pockets are hit hard by Brexit, they may decide to cut out parts of their lives that could be seen as a luxury.
These reductions were also in part due to the reduction in hiring by the banking, financial services and investment sectors; these three sectors decreased their new employment statistics by 15pc within the last year.
The IrishJobs.ie report alluded to the fact that these reductions are largely due to a slow moving European Market. This lack of speed in the market has a lot to do with many countries who are reliant upon trade or partnership within the United Kingdom beginning to put up their defenses so that they are not obliterated by the shockwaves that Brexit may send through all of the EU.
Although these sectors are bracing for the worst, a few have seen positive growth within the last few months. There are three in particular: construction, engineering, and utilities. These three sectors saw a 7pc increase in the availability of jobs in the market.
Overall, the looming thought of Brexit is causing every market to make hard decisions that could possibly get them through the changes that Brexit is bound to bring to other markets and the economy.