The number of job vacancies in the UK increased slightly last month but the pay on offer declined, according to a survey by employment agency Reed.

The survey by Reed revealed that 1% more jobs were offered by firms throughout its service in May compared to April. However, the average wage declined by 3% to £31,800 in May, from £33,200.

"While it is good that the job demand trend is upwards again, recovery remains fragile," said Martin Warnes, managing director of reed.co.uk.

"However, although employers are still suffering from cost constraints, some are seizing this opportunity to recruit talented people at high value to help grow their businesses."

The economic downturn has seen a considerable number of highly skilled professionals enter the job market
The news comes as small and medium-sized businesses have been urged to fill key positions while the economic conditions mean that top quality staff are available.

The economic downturn has seen a considerable number of highly skilled professionals enter the job market following a series of high-profile job losses and voluntary redundancies across the UK over the past two years.

"The economic downturn has created a unique opportunity for businesses to attract key personnel - the likes of whom would not have been available in a more buoyant market," said Stephen Riley, director at IntaPeople.

"Many of the candidates we are seeing have the potential to make a real difference and help businesses progress to the next level. If they can, firms should seize this chance to gain a competitive edge by snapping up such talent before the market picks up."