City jobs retained some momentum in July, despite the start of the summer season, according to the Morgan McKinley London Employment Monitor.

The monitor shows that new vacancies fell in London’s financial services sector by 7% on June, but was still at the second highest level recorded this year.

There was a 9% increase in those who began looking for a new job and the average City salary of £53,223 marked a 6% increase on last month.

Andrew Evans, managing director of Morgan McKinley’s financial services division, says: “As expected, the levels of hiring in London’s financial services industry slowed as we moved into the first month of the summer holiday season.

“Given the delicate state of the jobs market, it was encouraging to see that, despite the decrease from the previous month, July still recorded the second highest number of new jobs in any one month so far this year.

“While recruitment continues to be at very suppressed levels compared to 2008, hiring is occurring across most areas within the City’s financial services industry, particularly at the manager level and above.”