City recruitment freeze starting to thaw?

The number of job vacancies in the City's financial sector increased by 20% in June compared with May this year, figures have revealed. Although the number of jobs is said to be increasing, it is still 58% lower than the same time last year, highlighting that it isn't quite yet time to start celebrating. Figures released by recruitment consultancy Morgan McKinley have shown that the number of new candidates entering the jobs market slowed during June, down 26% from the same time last year. For those candidates who did get a new job in June, it took an average 55 days to do so, four days less than it took their counterparts in June 2008. The figures also surprisingly revealed that the average City salary remained at £50,115 - an increase of 2% compared with May, but down 1% from the same time last year. The figures show that there have been a few green shoots in the City's financial services during June, as although there were nearly 60% fewer new job vacancies compared with the same time last year, job volumes have reached their highest level this year. Managing director of Morgan McKinley's financial services division Andrew Evans said: 'If you compare the flow of new financial services job vacancies coming on to the market in the first half of 2009 versus the second half of 2008, the figures suggest that recruitment levels within this sector may well be stabilising. 'Over the last couple of months, there have been muted increases in hiring in most areas and across most levels within the financial services industry and in areas where there hasn't been a rise in actual job numbers, there does seem to have been an improvement in the appetite among employers to recruit,' he added.
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