ICAP’s Labour Market Indices show improved year-on-year hiring demand but increased competition for jobs following recent improvements
London, 16 July, 2013 – June data for the UK Labour Market Indices (UK LMI) shows higher vacancy levels compared to 2012 but increased applications per vacancy. Despite in-month vacancy declines, the ICAP Vacancy Index remains positive, growing 2.39pts in June. After recent improvements however, the ICAP Unemployment Index grew by 4.1% in June to reach levels 29% above 2012.
Highlights from the June data release:
- On a MoM basis, both permanent and temporary vacancies fell in June (-6.9% and -4.5%)
- On a YoY basis however, permanent and temporary vacancies grew +6.5% and +14.5%
- A 4.0% increase in applications per vacancy in June suggests the recent falls in claimant count may start to level out
- Average offered salaries fell for a fourth consecutive month on a 3m rolling basis (-0.6%), although remains 2.3% above the same period last year
- Education & Training and Automotive remain the top two sectors with the strongest quarterly growth, with vacancies increasing 33.8% and 20.0% quarter-on-quarter respectively. Both sectors also witnessed strong growth YoY (23.6% and 38.4%)
- As noted last month, Electronics and New Media remain the two sectors with the largest declines in permanent vacancy demand over the quarter (-20.8% and -21.3% respectively). Both sectors also fell YoY (-9.7% and -3.9% respectively)
- As well as strong permanent vacancy demand, the Automotive sector once again had large gains in temporary vacancies, growing 50.5% over the quarter and 61.9% YoY
- Telecommunications saw the largest fall in temporary vacancy demand over the quarter (-26.1%). Travel & Tourism and Advertising & PR also experienced declines of more than 20% over the three months (-23.2% and -20.9% respectively)
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.
Serra Balls Head of Public Relations +44 (0) 20 7050 7124
ICAP is a leading markets operator and provider of post trade risk mitigation 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 its post trade risk mitigation and information services ICAP helps customers manage and mitigate risks in their portfolios. For more information, go to www.icap.com.