Jobs market in the City is beginning to stabilise, says survey

THE NUMBER of new City jobs dropped by seven per cent month-on-month in July, but still hit its second highest level this year, according to a survey out today.<br /><br />Morgan McKinley&rsquo;s employment monitor shows that, at 3,528, the number of new vacancies in the financial services sector was second only to June&rsquo;s figure.<br /><br />&ldquo;With employers&rsquo; increasing commitment to hire and a gradual improvement in City confidence levels, the month-on-month drop is more likely to be the result of seasonal factors than a further weakening in the jobs market,&rdquo; said Morgan McKinley&rsquo;s financial services managing director, Andrew Evans.<br /><br />The number of City workers starting to search for jobs rose nine per cent, to 8,250, compared to the previous month.<br /><br />Evans said that improving sentiment has led to people in employment to start to &ldquo;tentatively look at what new opportunities are available&rdquo;.<br /><br />However, there is still a marked depression in the market when the figures are compared to the same period last year, with the number of new jobs sliding by 59 per cent. The number of new job seekers in the City is up nine per cent month-on-month.<br /><br />Meanwhile, competition between employers meant that the average salary was &pound;53,223 per cent in July, up six per cent on June and about the same as July 2008.<br /><br />&ldquo;While there has been some improvement in the market visibility remains very poor,&rdquo; added Evans.