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April data for the ICAP UK Labour Market indices (UK LMI) shows moderate improvements in the UK labour market. After four consecutive monthly increases, applications per vacancy fell 1.3% in April. Hiring levels also improved in April, with the ICAP Vacancy Index returning to growth by rising 5.3pts, however the Unemployment Index remains 22% higher than a year ago.
Highlights from the April data release:
- On a month-on-month basis, both permanent and temporary vacancies grew in April (+2.0% and +2.8%), continuing the increases from March
- On a year-on-year basis, both permanent and temporary vacancies also grew +9.4% and +17.7%
- A 1.3% decrease in applications per vacancy in April suggests further easing in claimant count is likely
- Average offered salaries fell for a second consecutive month on a 3 month rolling basis (-0.8%), although remains marginally above the same period last year
- Transport & Rail, Medical & Nursing, and Pharmaceuticals were the top three sectors with the strongest quarter-on-quarter growth. All exceeded 20% month-on-month increases and had even larger year-on-year gains (+24%, +89% and +25% respectively)
- Defence & Military, Electronics, Purchasing & Procurement and Retail were the only four sectors to experience declines in permanent vacancy demand over the quarter. All but Retail, however, remain above 2012 levels
- Graduates & Trainees once again experienced the strongest quarterly growth in temporary vacancies (+105%) after very strong growth in both March and April. Demand in the sector remains at almost double the level of the same period in 2012
- Despite strong monthly growth (+24%), Retail once again saw the largest fall in temporary vacancies versus the previous three month period. This is mainly due, however, to the previously strong Christmas hiring period rather than weaker current demand.
More detail on these highlights may be found in the full press release.
About the ICAP UK Labour Market Indices (UK LMI)
Accurate, detailed and time critical labour market information derived from a unique source of UK employment information covering in excess of 60% of all job advertisements. The ICAP UK Labour Market Indices (UK LMI) data provides an unparalleled view of key trends occurring in the UK labour market.
Core UK LMI - grouping of unique indices, made up of:
- The UK LMI Unemployment Index: uses the number of applications/vacancies to produce a leading indicator that anticipates the ONS Unemployment Claimant Count.
- The UK LMI Vacancies Index: uses the number of advertised vacancies to produce an indicator that anticipates the ONS Vacancies figure.
- The UK LMI Offered Salaries Index: sector-weighted average of offered salaries.
- The UK LMI Employment Index: uses historical correlation between changes in numbers of advertised vacancies and official ONS Employment figures to produce a leading indicator for the labour market that anticipates the upcoming official figures.
Detailed LMI - includes the indices from the Core UK LMI, as well as additional detailed vacancy and salary information for 48 sectors and various regions across the UK.
