Job growth in London held back by candidate shortages
26-09-2006
Prospects for jobseekers in London improved in August, new figures show, supported by a strong demand for staff.
However, the Bank of Scotland's labour market report noted that growth in London's job market was being hampered by a shortage of available candidates, with demand for both temporary and permanent staff rising faster than the UK average.
There was particular demand for permanent staff in the accounting and financial sectors, while among temporary employees, those in the engineering and construction industry were most sought-after.
Group economist at the Bank of Scotland Tim Crawford said: "London's labour market is performing well with job placements and also vacancies increasing in August.
"However, the jobs market in the capital is now quite tight and skill shortages are at their highest level in several years. This has seen pay rates rise as firms try to attract quality staff."
The rate of wage growth for permanent staff was found to be the strongest since February 2001, with 31 per cent of employment consultancies reporting a rise.
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