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UK — City jobs have fluctuated in the month before the election

13 May 2010

The latest London Employment Monitor published by recruitment consultancy Morgan McKinley shows that London's financial services jobs market registered a -12% drop in new jobs in April 2010 from 6,632 to 5,569 month-on-month. This follows three consecutive months of financial services job increases up to March 2010 and shows the slowdown in hiring activity anticipated in the lead-up to the general election.

Conversely, compared to the same time last year, job opportunities rose by +100% from the low point of 2,772 in April 2009.

The number of new financial services professionals entering the jobs market continued to increase from 8,950 in March 2010 to 11,910 in April 2010, a +33% rise.
Similarly, compared to the same month last year, the pool of professionals interested in changing jobs rose from 7,060 in April 2009, an increase of +69% in April 2010.
The average City salary in April 2010 was 50,734 Pounds, which was -9% lower than in March 2010 but consistent with the average salaries in January 2010 and February 2010.

The time taken for professionals to find new roles in the City decreased by -7 days in April 2010 to 53 days. This is the second consecutive monthly fall and the shortest period of time recorded to find a new job since July 2008.

Andrew Evans, Managing Director of Morgan McKinley's financial services division commented "underlying recruitment activity continues to be at its strongest since the start of the downturn, although there will always be fluctuations on the road to recovery. As anticipated in last month's London Employment Monitor, job opportunities decreased in April 2010, although they still registered the second highest level since September 2008."

Evans concluded "for those looking to secure a new role, the speed of the recruitment process has started to pick up pace over the last two months as employers look to attract key talent ahead of competitors."



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