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ICAPs UK Labour Market Indices show fewer vacancies posted in February

ICAP’s UK Labour Market Indices show  fewer vacancies posted in February

February data for the UK Labour Market Indices (UK LMI) illustrates the challenges faced by UK jobseekers, with reduced employer hiring demand and increased competition for jobs.  After increased seasonal recruitment demand in January, posted job vacancies fell strongly in February, with ICAP’s UK LMI Vacancy Index recording a 1.7 point decline.  Applications per vacancy also increased over the month, driving ICAP’s LMI Unemployment Index to record highs (0.6%) and demonstrating growing job-seeker competition.

Highlights from the February data release:

On a month-on-month basis, both permanent and temporary vacancies fell sharply in February, declining 9.6% and 11.7% respectively.

On a year-on-year basis, permanent and temporary vacancies were also down 2.2% and 0.7%.

A 0.6% increase in applications per vacancy in February suggests the upward turn in claimant count could continue.

For the fourth consecutive month, average offered salaries increased on a 3 month rolling basis (0.6%), almost reaching the five-year peak of March 2012.

Defence & Military was once again the sector with the strongest permanent vacancy growth, recording 10.0% quarter on quarter increases and 23.1% growth over the equivalent period last year.

Advertising & PR and Travel & Tourism were the top two sectors for increased temporary vacancy demand over the quarter with a 19.9% and 15.6% respective rise.  However, both experienced falls in month-on-month demand and remain down on the equivalent period last year (-17.8% and -16.7% respectively), suggesting a weaker previous three month period rather than an especially strong current quarter.

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