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| Service Sector Slowdown
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Article Author:
Chris Crawford
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The service sector makes up nearly three quarters of the economy and further evidence of slowing economic activity combined with rising inflationary pressures will make the Bank of England's task of setting interest rates even harder.
The UK service sector continued to buckle under the pressure of rapidly rising costs and deteriorating demand in June, with activity declining at the second fastest rate in the survey history and incoming new work falling at a record pace.
According to the Chartered Institute of Purchasing and Supply (CIS), the service sector which includes the recruitment industry is feeling the strain as employment fell for a second successive month in June. The Employment Index posted a reading of 47.6 and the seasonally adjusted Business Expectations Index came in at 59.4, its lowest level in the 12-year survey history.
Data shows that firms are laying off staff at the fastest rate in over a decade as the economic slowdown continues to bite.
Chris Crawford is the MD of BD Recruitment a specialist recruiter for the creative recruitment, marketing recruitment and technical recruitment industries, based in Manchester, UK. |
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