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ICAP Predicts Another Tough Year

ICAP Predicts Another Tough Year

Reduced hiring demand coupled with increased job-seeking levels in December 2012 ended another challenging year for the UK labour market, the latest ICAP UK Labour Market Indices (UK LMI) data shows.

Recruitment demand among UK employers fell for the second consecutive month, with ICAP’s UK LMI Vacancy Index recording a 2.5% decline in December.  ICAP’s Unemployment Index, meanwhile, reveals that job-seeking levels grew by 4.9%.

ICAP’s LMI data showed there has been limited growth in offered salaries during 2012 December delivered the first positive year on year increase (1%) since April, after seven consecutive monthly declines over the summer.

Highlights from the December data release:

On a year-on-year basis, permanent vacancies fell by 5% in December, but temporary vacancies grew by 7%.

A 5% increase in applications per vacancy in December, which, although impacted by seasonally lower vacancies, suggests recent falls in claimant count may start to level out.

For the second consecutive month, average offered salaries increased on a 3 month rolling basis, reaching the highest level in seven months and recording a 1% year-on-year increase.

Defence & Military and Building & Construction experienced the strongest growth in permanent vacancies over the last quarter (up 23% and 11% respectively on the previous quarter).

Despite month-on-month declines in December, Medical & Nursing and Education & Training had the highest growth in temporary vacancies over the quarter (up 19% and 15% respectively on the previous quarter).

Travel and Tourism continued to suffer with both permanent and temporary vacancies experiencing year-on-year declines through the year (down 24% and 43% respectively compared to the same 3 months in 2011).

In the Banking sector, permanent and temporary vacancies delivered 13% and 21% year on year declines respectively (on a three month rolling basis).


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