The number of jobseekers in the UK increased by 36% in May compared to the same period last year according to the latest London Morgan McKinley Employment Monitor.

Despite the increase in the amount of jobseekers, the reports shows monthly declines in both available jobs and professionals seeking new roles due to the below average performance of many institutions, resulting in candidates not being active.

The number of available jobs decreased 5% from 8,070 in April to 7,695 in May. Jobseeker numbers were marginally lower with a decrease of 2% from 13,679 in April to 13,454 in May.

“The 36% year-on-year increase in professionals seeking new employment is interesting. There is an argument to suggest that the redundancies that have been announced over the last six months are contributing to the higher numbers of professionals now seeking new employment,” Hakan Enver, Operations Director, Morgan McKinley Financial Services, said.

“The performance of many institutions has not been encouraging, resulting in candidates not being active. However, last month we did see an increase in appetite from organisations to interview professionals looking for a new role,” Enver said.

“We still see uncertainty due to the upcoming June referendum, but we’re seeing more and more influential people from various walks of life, coming out in favour of remaining in the EU,” Enver said. “If the eventual result is a vote to remain, then I would definitely expect a pickup in job numbers in the short term. The caveat being that in recent years, quarter 3 has been subdued in regards to jobs due to it being the summer period.”

“All in all, the macro environment remains depressed, with UK confidence at a four year low,” said Enver. “This lack of confidence is affecting investment banking in particular, as firms are reluctant to initiate M&A activity.”

“We saw plenty of negativity in the air in May, but this could turn very quickly, if the market perceives the referendum result as a positive one for the UK. So there’s hope and is therefore, not all doom and gloom.”