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Michael Page: UK job market is stabilising

<div>SHARES&nbsp;in job market bellwether Michael Page rose yesterday after its chief executive Steve Ingham said that&nbsp;it had seen a stabilisation in some markets but did not expect a firm recovery until next year.<br /><br />&ldquo;I wouldn&rsquo;t say the shoots are green out there but there&rsquo;s some stabilisation which is reassuring,&rdquo; Ingham said.<br /><br />The statement came as the nation&rsquo;s second-largest recruiter said conditions had continued to weaken in the second quarter but the rate of decline had slowed in the UK, which accounts for over a third of its profit.<br /><br />Group second-quarter profits declined by 45 per cent to &pound;83.8m while gross profit in the UK declined 42 per cent to &pound;28.1m over the period.<br /><br />The company has axed about 1,800 of its staff over the past year to cut costs in response to market&nbsp;conditions, bringing total headcount to around 3,700. Yesterday, it said&nbsp;it was selectively recruiting again in some areas, including financial services.<br /><br />Ingham&rsquo;s statement will gain support later today when a monthly report on jobs &ndash; published by the Recruitment and Employment Confederation and KPMG &ndash; will show that the number of people finding permanent positions in June declined at its slowest rate in 13 months.<br /><br />The report also comes ahead of a trading statement tomorrow from the UK&rsquo;s largest listed recruiter, Hays.<br /><br />Earlier in the week, Hays&rsquo; chief&nbsp;executive Alistair Cox said recuitment prospects in the City were &ldquo;brutal&rdquo;,&nbsp;saying that &ldquo;there is no clear sign that we are part the worst&rdquo;.<br /><br />He warned that those over 35 who have lost their jobs should not expect them to &ldquo;come back any time soon&rdquo;.</div>