Three reports from different UK recruiters reveal that the picture for jobs in the City is confusing, even for those at the coalface.

New City jobs either increased for the first time in four months, decreased 18% between September and October, or shrunk modestly quarter-on-quarter, according to three separate reports.

Financial services recruiter Astbury Marsden reported the number of new City jobs in October fell 18%, from 3,840 in September to 3,164 last month, and there was a near 50% increase in the number of City workers seeking new jobs.

Meanwhile, the London Employment Monitor from multi-sector recruiter Morgan McKinley suggests a 0.4% increase in the number of advertised jobs in London’s financial services sector, from 3,843 in September to 3,859 in October, only the third month-on-month increase this year.

Research by eFinancialCareers suggests the number of financial opportunities in Q3 2011 decreased a modest 2% on the previous quarter.

Private equity and venture capital vacancies were the fastest growing in Q3 2011 when compared to Q2, with opportunities increasing by 34%, with investment banking, mergers and acquisitions, sales and marketing and corporate banking all growing by over 10%. Of these fast-growing sectors, only sales and marketing registered growth over the summer.

James Bennett, managing director of eFinancialCareers, says: “The next few quarters will likely be a defining moment for the City – and in turn its employment levels – with much riding on the Eurozone’s ability to put is sovereign debt issues in order and the impact any agreed rescue packages may have on the balance sheets of the major investment banks.”

Whether trends for moderate optimism or further gloom are to be taken from October’s hiring activity is thus unclear.

However, a spokesperson for City recruiter JAC Recruitment, tells Recruiter the firm has not seen anything worth panicking over: “We haven’t really noticed a change […] certainly nothing like 2008.”