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MORGAN McKINLEY IRISH EMPLOYMENT MONITOR JULY 2011

MORGAN McKINLEY IRISH EMPLOYMENT MONITOR JULY 2011

Monitoring the pulse of the Irish professional jobs market Steady start to Q3 for the Irish professional jobs market despite eurozone issues

The Morgan McKinley Irish Employment Monitor recorded a slight month-on-month decrease (4%) in the number of new professional jobs in the Irish market in July 11

*        There was however, a 50% increase in new professional job vacancies compared to July 10

*        The Monitor also registered a 7% decrease in the number of professionals looking for new job opportunities from June 11 to July 11

*        There was also a decline of 24% in new professional job seekers when compared to the same month last year.

The latest Morgan McKinley Irish Employment Monitor recorded a 4% decrease in the level of new professional job opportunities from June 11 (8.250) to July 11 (7,900). However, the number of jobs available in July 11 continued the trend of being considerably higher (50%) than the same month last year (5,283).

There was a slight month-on-month dip (7%) on the job seeker side, as the number of professionals looking for new job opportunities declined from 9,855 in June 11 to 9,210 in July 11. There was also a 24% decrease when compared to the July 10 figure of 12,145.

Karen O'Flaherty, Chief Operations Officer, Morgan McKinley commented: The latest figures show that the levels of new professional jobs in Ireland are stabilising as we progress into H2 11. Once again the Irish Employment Monitor registered a significant improvement (50%) in the number of new professional jobs compared to the same month last year.

Despite still being a long way off the record job levels seen during 2007, this encouraging trend shows that the professional hiring market is in a much healthier position than it was in July 10.

There was consistent hiring in the accounting and finance market across Ireland in July 11. In Dublin, there was heightened demand for recently qualified accountants with backgrounds in accountancy practice, and there was a refreshing pick up in recruitment activity from medium sized businesses. Senior finance professionals are increasingly sought after in Limerick and Cork, and the length of time to find accounting and finance jobs is shortening in these areas, particularly for qualified accountants with 2-5 years' experience.

Hiring within the technology sector remained strong, with web development projects still driving the majority of demand. In late July, IT service provider BSB announced the creation of 120 jobs to support its business growth in Europe. BSB won&gt '&gt t be the only company expanding its ranks a recent survey from Mazars predicted that 66 percent of technology firms in Ireland have plans to hire new staff in 2011

The office support jobs market was also relatively buoyant in July 11. A large quantity of roles came onto the market for temporary/holiday cover and for the first time in two years there was a notable increase in demand for marketing professionals in the South East, a positive indicator for a region particularly hard hit by the economic downturn.

The number of professionals looking for new career opportunities decreased by 7% from June 11 to July 11, most likely due to the holiday period slow down. July and August are cyclically the quietest months of the year for job hunting, so a seasonal uplift in new job seekers is expected in September.

This seasonal volatility, as well as nervousness around a possible double dip recession in the US and the ongoing eurozone debt crisis, is affecting visibility in the market. We are yet to see how these issues will affect recruitment in H2 11 but for now, hiring in the professional jobs market, particularly within export-led companies, is holding firm.

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