City jobs were up 10% month-on-month in August, a significant increase. “Excluding the traditional January jolt in new jobs, we haven’t seen a double digit increase in jobs since March of 2017”, said Hakan Enver, Managing Director, Morgan McKinley Financial Services. “With Brexit six months away and no consensus in sight, it’s astonishing to see so many new jobs open up”.
The increase is even more significant coming during a traditionally sleepy time of the year for hiring, when most businesses are holding off on releasing new jobs until after the summer holidays are over. It’s not all sunny skies however, as year-on-year figures paint a more sober portrait, showing a 33% decrease.
The 2% month-on-month decrease in job seekers is also encouraging in light of July’s 21% month-on-month increase. Similarly, the 8% year-on-year decrease is an indicator of stabilisation after two years of stark decline in job seekers. “It’s too early to call an end to the City Brexodus, but this summer job seekers were out in force”, said Enver.
In additional good news, City salaries increased by 22% month-on-month, consistent with a positive upward salary trend throughout the summer. “The salary increases are likely the greatest contributor to why we are seeing confidence among job searchers soaring”, said Enver.
Lehman Brothers’ impact still felt, decade later
A decade ago – 15th September 2008 – marked the collapse of Lehman Brothers, which sparked a financial crisis that triggered shock waves across the globe, devastating individuals from all walks of life. “Generations learned, overnight and in the most terrifying manner, just how deeply connected financial services are with every facet of our lives”, said Enver.
From foreclosed homes in Florida and to soaring childhood poverty in Greece to job losses across the board, recovery has been mixed for businesses and individuals alike. “In the blink of an eye regulatory departments went from sleepy backwaters of financial institutions to the stewards of the frontlines”, said Enver.