42,000 new jobs in London last year, and more to come?

21 January 2010

1 minute read

42,000 new jobs in London last year, and more to come?

Recruitment firm Morgan McKinley has refreshed its monthly prognostication on financial services employment in London, and issued some predictions for 2010.

In total, it says around 42,000 new jobs came onto the market in London in 2009. In 2010 this is likely to rise: Morgan McKinley surveyed 124 HR people and line managers in financial institutions; 83% were expecting even more hiring in 2010.

Given the difficulties some people faced in finding new employment last year, the 42,000 figure may be treated with some scepticism. Net, the CEBR thinks around 19,000 jobs were lost in London last year, and JP Morgan's fourth quarter results revealed a headcount reduction of more than 3,000 across the investment bank in 2009.

In Morgan McKinley's defence, however, 42,000 includes jobs created by staff turnover. Its statistics also show there are still more candidates than there are jobs for them. In December, the ratio stood at 1.9:1.

AUTHORSarah Butcher

Global Editor

Jo
John
22 January 2010
This reminds me of Labour's attempt to hide the true unemployment numbers by implying the recent 7000 drop in those claiming Jobseeker's Allowance have found work when in reality they have been on government sponsored 'courses' that entail sitting in rooms pretending to look for work while being lifted of the unemployment register.
Reply
He
Hedgie McMayfair
21 January 2010
Surely the headline figure of 42,000 needs to have staff turnover removed from the figures to give a true representation of new jobs. Jobs filled due to staff turnover is replacement hiring, certainly not new jobs being created.
Would be interested to know whether these figures were collated by a reputable (ie. independent) source, or scribbled down the back of a cigarette packet by a marketing person at the pub on a Friday lunchtime.
Reply