According to the latest job market data from CV-Library, the UK’s leading independent job board, the amount of jobs being advertised in London fell by 51.3% in July, when comparing data with a year ago. Despite this, there were 20.8% more vacancies up for grabs than there were in June; suggesting that the job market is slowly picking back up.
The job board analysed data from its site throughout the month of July and compared the findings with data from July 2019 and June 2020 to build an understanding of how the UK job market is fairing right now.
It reveals that applications to these roles have risen by 15% month-on-month, but only increased by 1.2% year-on-year in London. This has caused the application to job ratio to soar by a massive 107.7% compared to last year, but drop by 4.9% since June.
Lee Biggins, founder and CEO of CV-Library said, “Demand for jobs is still outstripping supply and this will be a trend that we’ll continue to see for some time. Naturally, the summer months tend to be a quieter time for both recruitment and job searching. However, the fact that our economy is struggling means there are less opportunities up for grabs than normal and more people looking for work; not an ideal combination.”
Interestingly, despite there being less jobs available, average pay for new jobs in London actually rose by 6.1% year-on-year; from £39,902 in July 2019, to £42,347 in July 2020. What’s more, salaries in the capital have also increased by 2% month-on-month.
Biggins added, “While it’s a promising sign that salaries are higher than they were a year ago, this trajectory may not continue as we head into winter and face a second wave of COVID-19. Candidates may well expect to take a pay cut during an economic downturn, but be prepared to have difficult conversations with applicants who may be expecting more than you can offer right now.”