ICAP's UK Labour Market Indices point to increased recruitment demand during July

14 August 2012

London, August 14, 2012 – ICAP, the world’s leading interdealer broker and provider of post trade risk and information services, has released July data for the UK Labour Market Indices (UK LMI). The data suggests employment positivity in July, although recovery remains uneven after the previous vacancy dip seen in June.

ICAP’s UK LMI Vacancy Index, an indicator for near-term employment, shows an 8.7% increase for July. This growth in job vacancies brings further positive news after several months of employment stability highlighted in the UK LMI Employment Index (up 1.8% in July). Demand for these new job roles, however, remains high with a 6.4% increase in applications per vacancy reported for July, demonstrating continued high UK unemployment levels.

Sector Analysis – Public Sector & Government
The detailed UK LMI breaks down vacancy and offered salary data for 48 sectors, such as 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 July, Public Sector & Government reported a 34% and 19% increase in permanent and temporary vacancies respectively. After the deep public sector cuts of the past few years, recruitment demand has returned with vacancies offered reaching the highest level since the 2010 General Election1.

Other sectors with a strong public sector influence such as Medical & Nursing and Social Care also experienced strong permanent vacancy growth. However, a strong decline was seen in permanent Graduate & Trainee vacancies.


1 On a three month rolling basis

Headlines from the July data release:

Jul-12 Index Description
UK LMI Unemployment Index 6.41% Uses the number of applications/vacancies during July 12. The index is a timely indicator for current job-seeking levels and correlates with the ONS Unemployment Claimant Count.
UK LMI Vacancies Index 8.66% Uses the number of advertised vacancies during July 12 to produce a timely indicator for current hiring levels by employers. The index is a leading indicator for future employment figures and correlates with the ONS Vacancies figure.
UK LMI Offered Salaries Index -0.12% Sector-weighted average of offered salaries.
UK LMI Employment Index 1.84% Uses the number of advertised vacancies during May 12 to produce a timely indicator for employment levels during July 12. The index correlates with the ONS Employment figures.

Sector highlights from the July data release:

Permanent Vacancy Growth by Sector
May-Jul 12 vs. Feb-Apr 12
Top 5 sectors Bottom 5 Sectors
Temporary Vacancy Growth by Sector
May-Jul 12 vs. Feb-Apr 12
Top 5 sectors Bottom 5 Sectors

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.

Contacts:

Serra Balls Public Relations +44 (0) 20 7050 7104
Alex Dee Head of Investor Relations +44 (0) 20 7050 7123
Andrea Coleman Maitland +44 (0) 20 7395 0420

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. For more information go to www.icap.com.

Contact Us

Bryony Scragg
Media Relations - NEX
bryony.scragg@nex.com 0207 818 9689 LinkedIn
Bryony scragg

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