Key City jobs hit last month

Julian Harris
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JOBS in banking and insurance plummeted in September, according to Reed recruitment agents.

Yet the Reed job index, released this morning, also contained more positive news for the City, with jobs in other financial services recovering slightly from a fall in August.

Elsewhere in the economy, manufacturing jobs also bounced back to show strong growth.

“Demand for new staff is falling back in key areas of the financial sector such as banking and general insurance,” said Reed’s Martin Warnes. “At the same time there are signs that the much-sought re-balancing of the economy is a possibility, as sustained growth has returned to job-sectors like engineering and manufacturing.”

The banking category sub-index – which includes retail and investment banking roles – dipped from 86 points in August to 75 points last month, while general insurance jobs dropped from 142 points to 128.

Yet prospects for other financial services jobs improved, with the sub-index rising to 106. In August the financial services component had fallen from 112 to 102.

The figures show how job availability and wages have changed, compared to the 100 point baseline set in December 2009.

Manufacturing jobs rose from 145 to 150 in the index for September.