The demand for new workers increased steadily over February, providing promising news for people seeking banking graduate jobs.

The latest Reed Job Index reveals that the number of new job opportunities in the UK increased by one per cent last month compared to January, and average salaries were up by five per cent.

Employer demand increased the most for graduates, accountants and those in the financial services, IT, charity and administration sectors.

Yet competition for jobs is still fierce, with the number of job applications per job averaging 19 in February – 50 per cent higher than the average of 13 in September last year, according to the report.

Martin Warnes, Reed managing director, said employer demand is "slowly but steadily" returning to the UK marketplace.

The most striking aspect to come out of the report is the high number of people actively job-seeking, he said.

"Pent up demand from people who felt trapped in their jobs throughout the recession seems to have been released with the first signs of returning confidence.

"Employed applicants have flooded back into the job marketplace since the beginning of the year, and are now actively competing with unemployed people, new entrants, graduates and returners," added Mr Warnes.

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