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UK — City job vacancies rise to highest number recorded this year

11 November 2009

Morgan McKinley, the global recruitment consultancy, today publishes its London Employment Monitor - October 2009 entitled 'Monitoring the pulse of the City jobs market'.

During October 2009, the number of new financial services job vacancies in London rose by 15% compared to the previous month. This was the highest number recorded in any one month so far this year.

October 2009 also recorded the smallest year on year percentage decrease in new job numbers for 16 months. New job numbers were down 19% in October 09 versus October 2008.

The number of financial services professionals who began their search for a new role in October 2009 was up 6% on the previous month but down 23% versus a year ago.

Individuals who did secure a new role in October 2009 took an average of 56 days to do so, the same amount of time it took their counterparts in October 2008.

The average City salary registered 51,350 Pounds compared to 52,142 Pounds in September 09 and 48,021 Pounds in October 2008.

October 2009 shows further signs of improvement in London’s financial services jobs market. During October 2009, London’s financial services hiring market showed further signs of improvement as the volume of new job vacancies reached the highest number recorded in any one month so far this year.

New job opportunities rose by 15% in October 2009 versus the previous month from 3,843 to 4,410. The positive month-on-month uplift was to some extent supported by the year-on-year comparisons. October 2009 still registered a fall of 19% in new job numbers compared with October 2008, but this drop was the smallest seen for 16 months.
The number of financial services professionals who began their search for a new role during October 2009 was up 6% compared to the previous month, although the annual comparison showed there were still 23% fewer new candidates registering than in October 2008.

It took jobseekers an average of 56 days to find a new role during October 2009, which was the same length of time it took their counterparts a year ago.

Andrew Evans, Managing Director of Morgan McKinley’s financial services division comments: "The City jobs market has and continues to see a general trend of improvement each month and October’s figures are consistent with this pattern. London’s financial services recruitment market is in a very different place compared to 12 months ago when City hiring was in the midst of a downward trend which saw job volumes contract from month to month."
"In October 2009, while the volume of new jobs coming onto the market remained lower than a year ago, the overall conditions were and continue to be more favourable. Progress has been slow and somewhat unsteady over the course of 2009 but hiring within London’s financial services sector is following an upward trend as confidence starts to return, slowly but surely."

"Amongst financial services employers, the appetite to hire has improved and this is encouraging individuals to start testing the jobs market and see what opportunities are out there. That said, seasonal factors are expected to kick in during November, which will mean new job opportunities and possibly candidate flow will slow over the next three months. February 2010 will be a good indicator as to whether the measured uplift in job numbers seen over the past six months will continue throughout 2010."



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