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JOB MARKET NEWSEven fewer jobs than there were before13 November 2008COMMENTSThings are and will remain tight but it's not as quiet a market as the majority think. Read all comments »The financial services employment market is getting worse, not better. The latest figures from the predominantly middle and back-office recruitment firm Morgan McKinley show the number of new job vacancies falling 9% between September and October. October vacancies were down 48% on the same month in 2007. Candidate vacancies fell at the same time (maybe because everyone's deciding to become a smallholder in the Outer Hebrides?), meaning competition for jobs hasn't intensified: there are now 1.7 candidates per vacancy, almost the same as last month. Pay is falling: average salaries are down 4%. And there is no recovery in sight. This doesn't mean that finding a new job is impossible. It does mean that you'll have to be patient: the average job search now lasts 56 days. If you're looking for a job now, with (a lot of) luck, you'll be re-employed in early 2009.
COMMENTSAce, Capital Markets, Thu 13 Nov 08The average job search lasts 56 days? How was that derived Sarah? Add your comment »Sarah, Editor, eFinancialCareers, HR & Recruitment, Thu 13 Nov 08It's not my stat. Morgan McKinley produced it. Guess they looked at how long it took before people who came onto their books got off again. Add your comment »Wannabe, Hedge Funds, Thu 13 Nov 08Sarah - could you please also add a similar article like this but this time about front office jobs. Not just middle back and back office jobs. it would be interesting to see the average job search for a front office role. Add your comment »Dave, Accounting, Thu 13 Nov 08Why oh why do you insist on publishing this rubbish month on month...
Dude, Capital Markets, Thu 13 Nov 08Interesting estimates. Dave let's give them a chance to elaborate why this is not drivel.
Alan, Consultancy, Thu 13 Nov 08Why oh why then do you bother to:
Wizard of EC1, Research, Thu 13 Nov 08The real indicator here is that the number of candidates has remained somewhat stable, suggesting that many folks are cashed up enough to wait until next year or are leaving the industry - the later being the more serious indicator. I agree that 56 days is highly optimistic - it is a figure generally quoted amongst outsourcers, so I'm not sure if MM are the source or just repeating an accepted industry figure. Add your comment »Sarah, Editor, eFinancialCareers, HR & Recruitment, Thu 13 Nov 08Sorry for the delay - have been in meetings.
ISJS, Compliance / Legal, Thu 13 Nov 08How about you get some numbers of job adverts by employers on this site...?that surely is more reliable.... Add your comment »Sarah, Editor. eFinancialCareers, HR & Recruitment, Fri 14 Nov 08We have restrictions on the data we can print from our own site as we're part of a listed company (Dice Holdings Inc).
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