There was a 2% drop in City vacancies in February compared to January, according to the latest Morgan McKinley London Employment Monitor.

However, vacancies were still 11% on the same time last year.

The Monitor also reveals that new candidates starting job searches in February 2011 rose by just 0.1% on the January figure and there was a 27% increase in professionals new to the jobs market in February, compared to the same time last year.

Time-to-fill new job roles in February was on average 61 days – four days less than the previous month and the average salary for those winning new roles was an 8% up on January 2011.

Andrew Evans, chief operations officer, Morgan McKinley Financial Services, says: “The plateau in hiring levels in February 2011 is due partly to the significant increase in recruitment in January 2011 compared to the previous month, resulting in HR and line managers taking a brief pause to review headcount and further hiring plans.

“In addition, February 2011 has seen some uncertainty across the sector fuelled by international political instability and rising oil prices.”