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The latest Bank of Scotland Report on Jobs published today highlights ongoing recovery in the Scottish labour market in May. Appointments in both the permanent and temporary sectors increased, while the number of vacancies available to job seekers also rose markedly.
There was nevertheless evidence that the labour market recovery lost some momentum in May, with employment and pay rising at weaker rates, while candidate availability growth accelerated.
The Bank of Scotland Labour Market Barometer is a composite indicator designed to provide a single figure snapshot of labour market conditions. It fell from 54.3 in April 2010 to 52.3 in May 2010. Although the index remained solidly above the 50.0 no-change threshold, it was well below the equivalent indicator for the UK as a whole (56.4).
Donald MacRae, Chief Economist at Bank of Scotland, commented "this month's increase in appointments in both permanent and temporary jobs, as well as the rise in the number of vacancies available, is a sign that the Scottish labour market is in recovery. This recovery did lose momentum in May however, with employment and pay rising at weaker rates. While the headline index reading remains solid, it is well below the figure recorded for the UK as a whole. We can expect a continuing but muted recovery from recession, with some time before unemployment starts to fall."