ICAP’s UK Labour Market Indices show fewer vacancies posted in February
London, 13 March, 2013 – February data for the UK Labour Market Indices (UK LMI) illustrates the challenges faced by UK jobseekers, with reduced employer hiring demand and increased competition for jobs. After increased seasonal recruitment demand in January, posted job vacancies fell strongly in February, with ICAP’s UK LMI Vacancy Index recording a 1.7 point decline. Applications per vacancy also increased over the month, driving ICAP’s LMI Unemployment Index to record highs (+0.6%) and demonstrating growing job-seeker competition.
Highlights from the February data release:
- On a month-on-month basis, both permanent and temporary vacancies fell sharply in February, declining 9.6% and 11.7% respectively.
- On a year-on-year basis, permanent and temporary vacancies were also down 2.2% and 0.7%.
- A 0.6% increase in applications per vacancy in February suggests the upward turn in claimant count could continue.
- For the fourth consecutive month, average offered salaries increased on a 3 month rolling basis (+0.6%), almost reaching the five-year peak of March 2012.
- Defence & Military was once again the sector with the strongest permanent vacancy growth, recording 10.0% quarter on quarter increases and 23.1% growth over the equivalent period last year.
- Advertising & PR and Travel & Tourism were the top two sectors for increased temporary vacancy demand over the quarter with a 19.9% and 15.6% respective rise. However, both experienced falls in month-on-month demand and remain down on the equivalent period last year (-17.8% and -16.7% respectively), suggesting a weaker previous three month period rather than an especially strong current quarter.
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|
|Andy Donald||Maitland||+44 (0)20 7395 0475|
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.