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Financial IT contractor offers up, but no overall recovery yet

Published on Apr 28, 2009 | | Contract Rate Checker

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New figures from pre-employment screening firm Powerchex, suggest that the worst may be over for IT contractors in the financial sector.

The firm claims that financial IT contractors saw a 100% increase in the number of contract offers handed out in March 2009, compared to the previous month.

This could indicate that, following the initial cull of contract staff when the 'credit crunch' began, many financial institutions may be starting to recover.

MD of the firm, Alexandra Kelly, commented:

"Excessive risk taking and a soft approach to regulation has seen the financial services industry lead the world in to recession. But history has taught us that they are also the first to get their house in order and help the economy grow."

No signs of a general recovery yet

It is worth remembering that any recovery which is taking place in the financial sector is doing so from a relatively low base - the number of contractors having been significantly reduced over the past year.

Powerchex reported that contract offers dropped by 75% in November last year, having already fallen by 50% in October 2009.

Additionally, other larger studies have yet to show evidence of an overall recovery in the IT contract jobs market.

The latest SSL quarterly survey shows that the number of contract jobs advertised fell by 32.1% in the first quarter of 2009, compared to the previous quarter.