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The outlook on UK employment remains challenging as a a new indicator by broker ICAP shows that near-term employment declined by -7% in June with the number of applications per vacancy having gone up in the month.
Temporary vacancies in June declined by -19% in banking, one of the worst hit sectors seeing reduced recruitment demand. The research shows that hiring in this industry has remained low since early 2011, going back to levels last witnessed during the financial crisis in 2009.
The top 5 sectors for the temporary staffing market in June was retail, seeing a vacancy growth of +35%, followed by graduate and trainee positions (32.4%), logistics distribution and supply chain (27.3%), defence and military (20.3%), and purchasing and procurement (16.7%).
Apart from banking, the advertising and PR industry also suffered from a drop in temporary vacancies (-26.5) while medical and nursing (-18.4%) ranked towards the bottom of the list.
While this may suggest a poor outlook, the news follows recent reports of stability in the job market and positive employment figures, ICAP said today.