ICAP’s Labour Market Indices for March suggest further rises in unemployment

London, 15 April, 2013 – March data for the UK Labour Market indices (UK LMI) shows continued difficulties for the UK labour market. Applications per vacancy increased for the fourth consecutive month to reach a five-year high, suggesting further increases in unemployment as noted last month. Added to this, despite month-on-month rises, posted vacancies remain below 2012 levels, with the ICAP LMI Vacancies Index falling by 0.27 points.

Highlights from the March data release:

  • On a month-on-month basis, both permanent and temporary vacancies grew in March (+2.6% and +4.7%), after lower demand in February
  • On a year-on-year basis, however, permanent and temporary vacancies were down -3.1% and -1.0% respectively
  • A 3.3% increase in applications per vacancy in March suggests further increases in claimant count are likely
  • Average offered salaries dipped on a 3 month rolling basis (-0.7%), although the average remains marginally above the same period last year
  • Public Sector & Government returned to strong growth this quarter (+22%), with vacancies up 69% year-on-year
  • New Media & Internet and Health & Safety have had strong quarterly growth as noted last month, with demand above 2012 levels. March, however, saw weaker demand
  • Graduates & Trainees experienced the strongest quarterly growth in temporary vacancies (+96%) after very strong growth in March, with demand almost double the same period in 2012

More detail on these highlights may be found in the full press release.

About the ICAP UK Labour Market Indices (UK LMI)
Accurate, detailed and time critical labour market information derived from a unique source of UK employment information covering in excess of 60% of all job advertisements. The ICAP UK Labour Market Indices (UK LMI) data provides an unparalleled view of key trends occurring in the UK labour market.

Core UK LMI – grouping of unique indices, made up of:

  • The UK LMI Unemployment Index: uses the number of applications/vacancies to produce a leading indicator that anticipates the ONS Unemployment Claimant Count.
  • The UK LMI Vacancies Index: uses the number of advertised vacancies to produce an indicator that anticipates the ONS Vacancies figure.
  • The UK LMI Offered Salaries Index: sector-weighted average of offered salaries.
  • The UK LMI Employment Index: uses historical correlation between changes in numbers of advertised vacancies and official ONS Employment figures to produce a leading indicator for the labour market that anticipates the upcoming official figures.

Detailed LMI – includes the indices from the Core UK LMI, as well as additional detailed vacancy and salary information for 48 sectors and various regions across the UK.

For further information, please contact ICAP Information Services on:
Europe, Middle East, Africa +44 (0) 20 7000 5880
Email icapinformationservices@icap.com or visit www.icapinfo.com

Media Contacts

Serra Balls Head of Public Relations +44 (0) 20 7050 7124

About ICAP
ICAP is the world’s leading interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios.