The latest London Employment Monitor from Morgan McKinley shows a 7% month on month increase in new City jobs, and a 71% rise on July last year.
The figures also show that there was a decrease of 16% in the number of interim and permanent professionals who entered the financial services job market last month compared to June, but when compared to the comparable time in 2009, there was a 23% increase.
The average salary for those starting a new position last month was 3% lower than people who started a new job in June. This includes both umbrella company workers and limited company contractors.
The MD of Morgan McKinley Financial Services, Andrew Evans, said that July registered the second highest hiring level since August 2008 proving that the financial services sector continues to recover.
The increase is all the more remarkable when you consider that hiring in the summer generally slows down.
The big 4 recruiters, Michael Page, Hays, SThree and Robert Walters all report a buoyant demand for financial professionals especially in risk management and regulatory functions. Accounting, audit, compliance, project management, tax and back office staff were also in demand last month.
However, there are still concerns that the outlook for the jobs market is uncertain due to the government’s public sector spending cuts and fears that the UK might sink back into recession. Recruiters have pointed out that a lot of the market activity is caused by people changing jobs rather than an influx of new jobs being created.
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