A nationwide increase in job availability in November was driven by businesses in London, according to a new report.
The Reed Jobs Index reading for employer demand in the capital increased by seven points in November to reach 142. The index is 32 points higher than in November last year, suggesting there are now many more jobs available in London than at this time in 2010.
Rising employer demand in London helped the figures for the whole country with the nationwide reading going up by four points to reach 133 in November. The measurement is some 22 points higher than in November last year, in line with London’s improved job prospects for workers.
However, the Reed Salaries Index remained static in the capital in November at 96, some four points below the 100 baseline set in December 2009. The reading for salaries in the capital is now two points below November last year, when the index delivered a reading of 98.
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Salaries have slowly improved across the whole country, according to the report, rising by one point to 98 in November. The nationwide salaries index read 96 in the same month last year, two points below the latest measurement.
Commenting on the figures, Reed Global chairman James Reed said: “The latest Reed Job Index shows that confidence about the future has continued to increase right across the private sector, in spite of last week’s gloomy economic pronouncements. Not only is employer demand up by twenty per cent year-on-year, newly available private sector jobs are at their highest level since the dark days which followed the last banking crisis.
“There are even signs that the British economy is rebalancing towards the industrial sector, with demand for technical staff, such as engineering and IT specialists, 90 per cent higher now than when our Index began 23 months ago. Caution remains, with salaries for new jobs staying low, and growth more patchy outside the regional powerhouses of London, the South East and North West.
“Only fools forecast, and increasing turmoil in the Eurozone makes us all wary of plotting a clear path forwards. At the same time, the Reed Job Index has proved to be a reliable leading economic indicator, and certainly demonstrates that the underlying appetite for growth across the private sector is at a higher level than some commentators believe.”