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May data for the ICAP UK Labour Market Indices (UK LMI) shows further improvements in the UK labour market with increased vacancies and reduced competition for jobs. Both permanent and temporary vacancies grew in May from April by +3.6% and +4.7% respectively.
Year-on-year figures also show improvement with permanent vacancies growing +2% and temporary vacancies up +3.3%.
The strongest quarter-on-quarter permanent vacancy growth was recorded in Education & Training (+38.7%), Automotive (+31.1%), and Transport & Rail (+28.7%). The strongest sectors for temporary vacancy growth were Graduates & Trainees (+142%), Automotive (+79%), and Call Centre & Customer Service (+48%).
In contrast, permanent vacancy decline was recorded in Electronics (-17%), Defence & Military (-9%), and New Media & Internet (-1%). Weaker temporary sectors were Defence & Military (-9%), Medical & Nursing (-9%), and Insurance (-6%).
Average offered salaries fell by -0.4%, for a third consecutive month on a three month rolling basis, although this remains marginally above the same period last year. For the second consecutive month applications per vacancy fell -0.8% in May.
The current ICAP Unemployment Index remains +27% above 2012 levels.