More jobseekers in London but pay holds up

Layoffs and less job security in the City of London financial sector drove more professionals to look for jobs in June, but City salaries hardly moved from lofty year-ago levels.

The number of new jobseekers - which includes both the unemployed and those looking to change jobs - rose 17 percent from June 2007 and 6 percent compared to last May, recruiters Morgan McKinley said on Thursday.

The number of jobs also rose month-on-month.

"Due to the continued uncertainty in the global financial services market, it is unlikely that this marginal increase in job activity will be sustained over the summer months," said Robert Thesiger, chief executive of Morgan McKinley's parent company Imprint.

Average annual City pay edged down 1 percent on a year ago to 50,645 pounds without bonuses, but stood 5 percent higher than in May.

Corporate financiers, bankers, fund managers and senior analysts were the best paid, with salaries starting from 61,000 pounds.

Morgan McKinley, which hires mainly for investment banks, hedge funds and asset managers, based the figures on records of new candidates registering with the company in June and on salaries for confirmed placements in that month.

The company calculated statistics for the full market using its market share.