ICAP’s UK Labour Market Indices for August show 3% decrease in unemployment despite vacancy volatility
11 September 2012
London, September 11th, 2012 – ICAP, the world’s leading interdealer broker and provider of post trade risk and information services, has today released August data for the UK Labour Market Indices (UK LMI). Levels of unemployment are showing signs of improvement as job-seeker demand for advertised vacancies ease.
ICAP’s UK LMI Unemployment Index, an indicator for current job-seeking levels, shows a 3.0% decrease for August. This reduction in competition for jobs is despite a 2.5% reduction in vacancies over the past month. Despite the improvement in figures for the UK labour market, recovery remains uneven with high volatility month-on-month in vacancies suggesting continued employer uncertainty.
Sector Analysis – Retail
The detailed UK LMI breaks down vacancy and offered salary data for 48 sectors, including retail, public sector, manufacturing, engineering and financial services. This can be used to understand hiring patterns within each sector, reflecting confidence and trading conditions, and can be a good indicator of financial performance.
In the Retail sector, strong temporary vacancy growth for the first half of 2012 suggested high levels of expectation amongst retailers for a successful summer period. Relatively poor summer weather and widespread Olympic interest, however, contributed to lower than anticipated sales. This has recently been reflected by reduced temporary hiring within the sector which, although 20% up on a quarterly basis, declined by 18% in August vs. July.
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