City of London Jobs Soar by Staggering 150% as Appetite to Hire Grows

The number of new jobs in the city has soared by a staggering 150% in January when compared to the month before as London leads the way in UK job creation.

According to recruiter Astbury Marsden, 3,350 new city jobs were created in January – marking the highest number of new jobs in a month in more than 18 months.

The research also revealed that the number of new jobs in January was almost triple the 1,340 jobs created in December 2013 and 34% higher than the 2,590 new roles created in January 2013.

"The growth in city roles over the last few months suggests that the appetite to hire in the city is building," said Mark Cameron, chief operating officer at Astbury Marsden.

He added: "Optimism is high that the improvement in the City jobs market is part of a sustained recovery rather than a short term bounce in business activity."

Astbury Marsden explained that the jump in city vacancies in January continued a strong run in city hiring, with new vacancies over the last three months outstripping the number of new roles created over the same period last year by 37%.

The study found that the jump in headline numbers is slightly tempered by the fact that many of these new jobs are in compliance rather than a response to growing customer demand.

From August, new European Market Infrastructure Regulation (EMIR) rules will require firms to start reporting trades in a wider range of derivatives transactions, including OTC trades, before new central clearing facilities come in to place in 2015.

The figures will be welcome news as the UK's unemployment rate was relatively high at 7.1% in November 2013, according to official figures.

But the Office for Budget Responsibility expects Britain's jobless rate in 2015 to be 7% and to continue falling after that and drop to 5.6% in 2018.