ICAP today announces November data for the UK Labour Market Indices showing reduced hiring demand
ICAP, the world’s leading interdealer broker and provider of post trade risk and information services, today announces November data for the UK Labour Market Indices (UK LMI) showing reduced hiring demand but improvements in levels of unemployment.
ICAP’s UK LMI Vacancy Index, an indicator for current hiring levels amongst employers, shows a 4.1% decrease for November. After an improvement in the index in October and with reduced competition for jobs in November, shown by a 3.7% decrease in applications per vacancy, the decline in vacancies illustrates the volatility and continued fragility of the UK labour market.
Highlights from the November data release:
Both permanent and temporary vacancies fell in November (-7% and -10%) after increases last month.
A 3.7% decline in applications per vacancy suggests job seeker claimant count may reduce in November.
Average 3 month rolling salaries rose by 1%, the first rise in eight months.
Defence & Military and Building & Construction experienced the strongest overall growth in permanent vacancies over the last quarter (up 26% and 21% respectively Sep-Nov 12 vs. Jun-Aug 12), although both saw downward pressure this month.
Medical & Nursing has continued its strong growth in temporary vacancies over the quarter, including a 19% increase in November.
November brings a drop in permanent retail vacancies, but hiring rates for temporary vacancies is up 7% on the same three month period last year.
Permanent hiring in the social care sector remained resilient and showed strong growth over the past 3 months up 11% (Sep-Nov 12 vs. Jun-Aug 12).