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The British jobs market is continuing to collapse, but in the City — which has borne the brunt of the pain — there are the first signs that the worst of it has already passed.
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.”
Reader views (10)
Don't wish to be a Cassandra, but my reading of the economy is that we are in for a "double dip" recession. The banks have looted over six trillion dollars and hidden it in their offshore accounts; the effects of that grand theft have yet to be realised.
- Neil, London, London UK
Keith - Are you sure? You are so wrong about everything else.
BTW - I'm self employed from home!
"keith - Why arent you at school?"
Because I am at work. You on Jobseekers again, Dai ?
- Keith Price, Luton, England
- Dave Davies, Basingstoke, Hants
Funny how Hays can communicate to the press on the state of the job market yet not to their candidates !
- Tt, london
"keith - Why arent you at school?"
Because I am at work. You on Jobseekers again, Dai ?
- Keith Price, Luton, England
keith - Why arent you at school?
- Dave Davies, Basingstoke, Hants
Matt K - don't count on a call from Hays too soon ... you know what they are like! Maybe you could leave them a few messages until someone deems you important enough to call back. I remember when recruiters were FALLING over themselves to recruit accountants.
- Ds, Surrey
Well done Gordon Brown for carrying out the measures that were needed to counter the worldwide economic recession. I could vote Labout next election
- Keith Price, Luton, England
Unemployed Accountant - Does this mean Hays might call me up soon?
- Matt K, Ware
Good to hear - the damage they have done will be with us for decades to come.
Reform them properly Government, including properly punishing culpable CEOs and Board Members, which you haven't even started yet to do!
Otherwise, the banks will destroy us next time.
- Jim, London
Please can you tell the FTSE. The worst performing stck market this year
- Peter, Moscow RF
