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MORGAN McKINLEY IRISH EMPLOYMENT MONITOR SEPTEMBER 2012

MORGAN McKINLEY IRISH EMPLOYMENT MONITOR SEPTEMBER 2012

“Monitoring the pulse of the Irish professional jobs market”

Professional job opportunities are ahead of last year as vacancies rise from Q3 2011 to Q3 2012

Highlights

Quarterly job data

The Morgan McKinley Irish Employment Monitor recorded a 6% increase in professional job vacancies coming on to the market from Q3 2011 to Q3 2012.

This was a slight fall in job opportunities of 2% from Q2 2012 compared to Q3 2012.

Monthly job data

September 2012 saw a month-on-month rise of 13% in professional job vacancies.

There was also an 18% increase in professional job numbers compared to September 2011.

Job seeker data

September 2012 saw an 8% decrease in the number of professionals entering the jobs market month-on-month.

Compared to September 2011, there was a decrease (1%) in the volume of new professional job seekers.

The Morgan McKinley Irish Employment Monitor has so far this year registered an overall increase in the total number of available jobs compared to January – September last year. This is highlighted by the 6% increase in the number of new professional job opportunities for the entire quarter from 23,167 in Q3 2011 to 24,631 in Q3 2012. There was only a slight drop of 2% on the total number of jobs available in Q2 2012 which was 25,112.

Furthermore, taking the month of September 12 alone, there was an 18% increase on the number of new professional job vacancies registered from 7,500 in September 2011 to 8,851. Month-on-month job availability rose by 13% from 7,828 professional job opportunities in August 12.

With regard to new professional job seekers entering the market between September last year, the number remained fairly stable rising 1% from 10,105 to 10,225. Month-on-month this was a fall of 8% from 11,120 in August 12 to 10,225 in September 12.

Karen O’Flaherty, Chief Operations Officer, Morgan McKinley commented:

“Reviewing job opportunities across an entire quarter provides us with greater insight into trends across the professional jobs market and also how it is faring compared to previous years. The 6% rise in job availability from Q3 2011 to Q3 2012 follows a pattern of rises from Q3 to Q3 since job opportunities fell dramatically at the start of the downturn in 2008. Although there was a 2% drop from Q2 2012 to Q3 2012 which suggests there is no room for complacency about jobs market recovery, compared to earlier years, overall there is an emerging picture of steady improvement across the market.

“Drilling down further, Q3 2012 has ended on a strong note, with an 18% increase in professional job opportunities from September 2011 compared to September 2012. Despite fluctuations in the hiring market this year, the overall number of roles coming onto the professional jobs market exceeds 2011 and this increase in September 2012 underlines the trend for improvement in the market this year.

“We can attribute this increase to a number of factors such as the uplift in start up businesses, increased foreign direct investment as well as sectors such as IT, manufacturing and life sciences which have all experienced growth throughout 2012. In addition, looking back to this time last year, September 11 was an unusually & lsquo;flat’ month for hiring and registered a downward trend. The significant rise in jobs in September 2012 partially reflects the low base of the previous year.

“From a job seekers’ perspective, we are aware that many professionals are engaging in a less active and more passive job hunt illustrated in the decrease in jobseekers entering the market compared to the same time last year, with a very minimal increase on August 2012. Also, with the domestic and European economies remaining fluid, emigration is still an attractive option for some and is likely to contribute to a smaller amount of jobseekers actively seeking new opportunities in Ireland.

“Due to the protracted growth forecast from the Central Bank, we can expect modest hiring activity from now until year end. Job offers are likely to be much more considered and we anticipate lengthier decision making processes with regard to permanent hiring.”

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