City remains in robust shape

Highlights
New jobs increased 19% from June to July 2006
Available candidates grew 22% June to July 2006
Average City salaries remained above 50,000 for the fifth consecutive month
Senior professional salaries 7% higher than six months ago
Middle market salaries rose 4% June to July 2006

City Job Growth Continues Despite Reported UK Downturn
In July the number of new jobs created in the City was a fifth higher (19%) than the previous month, yet more evidence of the upward trend the City is continuing to experience. These figures come at a time when UK unemployment rates have risen. The continued expansion of the EU coupled with increased in foreign nationals seeking employment in the UK has a direct impact on the numbers of unemployment countrywide. The impact upon City employment remains marginal which further highlights the micro economy that the City experiences.

Robert Thesiger, Chief Executive of Morgan McKinley, comments:

ìThe impact of the increase in foreign workers highlighted in the latest UK unemployment figures has not impacted the City as the skills that are required to work in the financial district are not being mirrored by those choosing to come to Britain. At the beginning of the year, the well-documented growth in banking put senior level directors in high demand. Over the last quarter, this has filtered down to the middle office.î

Candidate Numbers Temporarily Increase
July saw the first significant rise in candidate numbers since the start of the year, although this should not be taken as a trend change as various aspects have to be factored in. June this year saw a large amount of ëdistractioní among those looking for new jobs, as events like the World Cup preoccupied the City and the nation. Summer holidays are another important factor, as this is an unlikely time for a rise in those looking to move between companies.

Robert Thesiger, Chief Executive of Morgan McKinley, comments:

ìFrom an employerís perspective the rise in candidate numbers is good news. However, the number of people looking to change roles is still lower than the number of new roles being generated Further highlighting the war for talent..î