Brexit And The Economy: Effect On The U.S. Job Market
Little over a week ago, Britain voted to leave the European Union.The British Exit, or Brexit, as it has come to be known, is already having an impact on Britain’s economy and the effects are being felt around the world.Of course, we watched as the stock market reacted to the news with a big sell-off and a flight to security here in the US, but one of the less-obvious, immediate ramifications that is evident on the UK side, is in the British job market—and the search for jobs outside the UK.In fact, just since the Brexit vote, UK job search into the US has increased as much as 170%.
To go a bit deeper into this developing trend, I was able to interview Tara Sinclair, chief economist at Indeed.com, to get some insight from an industry expert:
Q: You are quoted as saying: “But the Brexit vote, at least in the short term, caused the share of UK job search into the US to increase as much as 170%, a potential trend as more UK and EU citizens look for opportunities elsewhere.” What do you think is the driving force behind this short-term trend?
A: What we’re hearing from job seekers is that after the Brexit referendum they developed increasing concerns about the opportunities in the UK labor market.The concerns are both in terms of job opportunities going forward for foreign citizens as well as the health of the UK economy overall and how that may impact future jobs.
Q: What factors specifically contribute to UK and EU citizens looking in the US?
A: The US, even before the Brexit vote, was the top destination for UK residents outside the UK and is also highly desirable globally.The health of the US labor market with lots of job openings today along with competitive salaries makes the US a perennial favorite for people searching for international job moves.