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The numbers from May are showing a slight positive upturn, with permanent placements and sales growing through Q2.

The Financial Services sector is seeing a continued drop in vacancies that is reflective of the wider labour market across the UK. However, it is the significant decline in applications – which far outstrips the fall in jobs – that is of more concern.

The fall in job applications being noted across the legal sector is certainly of concern. With the UK economy in a state of limbo as the General Election nears and uncertainty over interest rates continues, the drop in new job postings is to be expected.

Off the back of a poor month of March for the recruitment market, April seems to have brought a rise in most metrics. Interviews saw a whopping 30% increase in the month of April.

As the London economy has begun to pick up, so has the South West, and as outlined in this report, the region is on an upward trajectory, outpacing the rest of the country once again. 

March sees tricky trading conditions persisting. Recruiters are facing the challenge of doing more with less. On a positive note, contract placements have increased by nearly 4% this month. However, permanent placements have slightly declined, possibly due to the early Easter.

2024 started positively, with permanent roles growing by 81% month-on-month from December to January. However, March of this year saw another month-on-month drop (-6%), suggesting the sector isn’t out of the woods yet.

Despite a strong start to 2024, vacancies and applications across all three markets have dropped in the past month, which employers, recruiters and jobseekers alike will be hoping is only a temporary blip, and not a forewarning of a potential downturn in what is already a skills-short field.

Over the last decade, the transformation in the North West has been seismic, with Manchester becoming the jewel of the region. ‘The northern powerhouse’ initiative whilst not delivering on all its promises, has acted as a welcome boost for the region with both state aid and direct foreign investment increasing as a result.

The Recruitment Trends Snapshot is based on data supplied by Bullhorn. Year-on-year increases compare February 2023 data with February 2024 data. Month-on-month figures compare February 2024 data with January 2024 data.

While job numbers in the pharmaceutical industry followed a largely downward trend in the last year, we’ve seen significant spikes in application numbers, suggesting that more professionals are seeking a change of employer. This sector, like many others, suffers from major skills shortages, and employers have reacted to the dearth of talent by boosting salaries significantly in recent months.

The construction sector is often seen as a bellwether of the economy and a downturn in this market usually represents a challenging economic climate, which is what we saw over the course of 2023.