Salaries and job vacancies are both on the rise in the capital, while advertised salaries across the UK have hit their highest level in nearly two years, according to new figures out today.
In London, salaries rose by 2.7 per cent last month according to job site CV-Library, with advertised vacancies also rising by 6.7 per cent year-on-year.
The report explored fluctuations in pay, jobs and applications throughout February. It also compiled the top industries for pay hikes across the UK.
|Top industries for pay rises last month|
|1. Hospitality - up 6.5 per cent|
|2. Marketing - up 4.6 per cent|
|3. Engineering - up 3.6 per cent|
|4. Accounting - up 2.6 per cent|
|5. Manufacturing - up 1.3 per cent|
|6. IT - up 1.3 per cent|
|7. Legal - up 1.2 per cent|
|8. Recruitment - up 1.1 per cent|
|9. Construction - up 1.1 per cent|
|10. Catering - up 0.5 per cent|
Lee Biggins, founder and managing director of CV-Library said: “It’s great to see that salaries are on the rise in London, especially given that pay declined in January. However, it’s clear that while employers may be offering higher pay and more jobs than this time last year, they are pulling the reins on their hiring plans compared to an impressive January.”
Advertised vacancies fell 14.4 per cent compared to January. Applications for jobs in London also fell last month, though Biggins said that "shouldn't be too much cause for concern".
"We typically see jobs soar in January with both employers and job hunters starting the year on a high," he said. "As such, we expected to see these numbers decline slightly throughout February.”
A separate study out today from Adzuna has found that advertised salaries have hit their highest level in nearly two years, reporting a 3.6 per cent improvement over the past six months. The average advertised wage in January was £33,369, the highest reported by Adzuna since April 2016.
Regionally, average advertised salaries increased in every area across the UK.
Doug Monro, co-founder of Adzuna, said: “As salary improvements continue, we have faith that the growing momentum behind average salaries is here to stay. A 21 month-high is not to be sniffed at, and while jobseekers now face increased competition for each position, the rewards are there once they land a role."