Jobseeker demand soars in January, outstripping vacancies shows ICAP’s UK Labour Market Indices

London, 13 February, 2013 – Sharp increases in jobseeker demand pushes ICAP’s LMI Unemployment Index to record highs in January and suggests a challenging start to the year for the UK labour market. Jobseeker enthusiasm has returned to the market in January, with record applications per job advertised; however, employment opportunities have failed to improve markedly since this time last year and the market appears unable to meet this demand.

Highlights from the January data release:

  • Month-on-month, both permanent and temporary vacancies grew strongly in January following the seasonally quieter recruitment month of December (+50.6% and +55.8% respectively).
  • Year-on-year, growth was more moderate, with permanent vacancies up 1.7% and temporary vacancies up 10.6%.
  • A 12.1% increase in applications per vacancy in January suggests the claimant count may start to level out or increase.
  • For the third consecutive month, average offered salaries increased on a 3month rolling basis (+2.1%), reaching the highest level in ten months.
  • Defence & Military continued its strong permanent vacancy growth, recording a 23.4% quarter on quarter increase and 12.7% growth over the equivalent period last year.
  • Medical & Nursing once again had the strongest temporary vacancy growth over the three months, delivering 26.2% quarter-on-quarter and 67.6% year-on-year increases.

For more detail on these highlights, see 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

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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.