City jobs market is over the worst, says recruiter Hays

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That's the prognosis from Hays, one of the country's biggest recruitment firms.

Today it reported that its fees from April to June for placing people in jobs have nosedived 45% over the last year. That follows a 37% collapse in the first quarter of the year.

The deterioration has been swift. This time last year Hays was reporting a 4% growth in the UK jobs market. That fell to an 8% decline in the third quarter and was plummeting by 22% in the last three months of 2008 when the banking crisis was raging.

Hays finance director Paul Venables said while general trading conditions remain horrendous, "there are signs that the City market has stabilised".

"City is down 80% from its height but there have been modest increases in the last quarter," he added.

"It is a fact that the banks that have come out of all this still strong are looking around for talented people.

"Accountancy and finance is the bellwether recruitment business because every company and organisation has a finance function. There, we are beginning to see a little more stability."