New job vacancies opening up but incomes remain depressed...

THE LABOUR market is holding firm in the UK, and is at its strongest point since the recession, according to the Reed Job Index.

The number of available vacancies has grown by 22 per cent since the same time last year, with seven per cent growth between the first and second quarters of this year.

Despite the improvement in opportunities and the resilience of employment in the UK generally, salaries are less buoyant, seeing the gains made in the first quarter erased. Reed’s salary index has now fallen back to a level last seen in November 2012.

In June, there was particular growth in transport and logistics, where 15.2 per cent more positions were advertised.

In comparison to other sectors, financial services have seen sluggish growth in vacancies, rising only 15 per cent since the index was established four years ago.

While salary growth has been weak across the board, financial services have seen a notable reduction in pay too, falling by 11 per cent in the same period.

James Reed, chairman of reed.co.uk said: “it is important that businesses have the right conditions to help drive the economy forward”.

“The private sector has already played a significant role in absorbing public sector job cuts and it needs to be in good shape to offset the next round”, he added.