Even fewer jobs than there were before

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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.

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