Lunchtime Links: Deficit of new jobs to new candidates up 40% year on year in November
Good news: there are more new jobs. Bad news: there are more new candidates. Good news: the discrepancy between new jobs and new candidates is now less than it was a few months ago. Bad news: it's still loads higher than last year.
Mitigating factors: this applies mostly to the middle office.
How have we reached these weighty conclusions? Morgan McKinley's new monthly employment monitor is with us. It suggests there were 25% more new jobs on offer in London in November 2010 than there were in November 2009. However, there are also quite a lot more new candidates. In November 2009, Morgan McKinley estimates there were 3,920 more candidates than jobs; now there are 4,665.
For those who can see the graph below, the long term trend for the surplus of new candidates chasing new jobs, is clearly upwards, but has oscillated wildly in recent months.
If the Irish government can legislate to override the bank's contractual obligation to reward employees, why can't the UK government? (It can) (Financial Times)
Supporting Britain's banks costs the Treasury 1.5bn a year. (Telegraph)
Total taxpayer exposure to the City still stands at 512bn. (Financial Times)
Goldman is hiring Fed derivatives reform veteran as its chief regulatory reform officer. (ZeroHedge)
Last week, we learned that President Obama intends to push for comprehensive tax reform. We also learned that Peter Orszag, who until recently headed up the Office of Management and Budget (OMB), will be taking a top job at Citigroup. (Guardian)
Credit Agricole wants to expand in Eastern Europe (over the next decade) (Bloomberg)
Wherein I Show How to Identify Baseless Political Opinion Masquerading as Economic "Analysis" (Stone Street Advisors)
Income inequality doesn't cause economic crises. (The Atlantic)
Trader: Social beast or lonely wolf? (Finextra)
Rents are soaring for financial office space in HK (just as they're falling in Dubai) (Bloomberg)
Philip Falcone considers a $22.5m mortgage normal. (WSJ)
Invisibility cloak now a reality. (Technology Review)
