Economic uncertainty and technological shifts drive London job market down in Q2 2024
Key stats from Morgan McKinley’s Q2 2024 London Employment Monitor:
- 9% decrease in jobs available quarter-on-quarter (Q2 2024 vs Q1 2024)
- 25% decrease in jobs available year-on-year (Q2 2024 vs Q2 2023)
David Leithead, COO, Morgan McKinley UK commented: “Caution’ is our word for the latest London Employment Monitor looking at the jobs in financial services across London from April to June.”
“The number of jobs available in Q2 declined by 9% from the first quarter to the second Quarter 2024. The slight improvement we saw in the first few months of the year has receded and overall numbers reached a three year low. The second quarter was 25% down on the same quarter in 2023.”
“The major factors continue to be economic uncertainty caused by Brexit, slow global growth and geopolitical tensions, all combining to cause a conservative approach to expansion and hiring and a focus on management of costs.”
“All the while, many financial companies continue their programs of structural change, off-shoring and near-shoring functions, maximising the benefits of technology, digital transformation and automation, and taking the opportunities presented by the profound shifts in attitudes to remote working. All these combine to negatively impact the overall volume of jobs in the City.”
“Specialist skills clearly remain in demand, and some functions are expanding. Compliance and risk management functions for example remain critically important. Some parts of the sector are flourishing, there are always some companies in a growth phase, but the overall picture is one of caution, leading to tight management of budgets, and often a first position of do-more-with-less.”
Leithead concluded: “The outlook for the London professional job market remains uncertain. While there are opportunities in specialised roles driven by regulatory needs and technological advancements, the overall market is expected to remain subdued. Structural changes, economic uncertainty, and technological disruption will continue to shape the job market.”
