The City jobs market has continued to slow, according to a new report.

The report, from banking and finance recruiters Morgan McKinley, found that the number of new vacancies in the financial services sector fell by 17% in May. There was an 8% drop in new vacancies on April figures.

For a fifth consecutive month this year, the number of individuals looking for new roles outnumbered new jobs in the City. Candidate flow increased 9% during May.

Individuals took an average of 57.8 days to find a new job, 11.2 days longer than a year ago. The average city salary was £48,347, a drop of 5% on May last year.

Robert Thesiger, chief executive at Morgan McKinley’s parent company, Imprint, said: “The decline in new job numbers during May indicates that a level of caution still remains among some employers within the City and likewise, the increase in available talent means it is a more challenging market for many jobseekers compared with a year ago. Whilst not at 2007 levels, there are still encouraging volumes of recruitment activity occurring within the financial services industry and quality candidates are still being offered excellent opportunities.”