Service sector
Published: 06 August 2008
The service sector has continued to decline, according to a new report.
The Chartered Institute of Puchasing and Supply (CIPS)/Markit Report on the service sector revealed that the headline seasonally adjusted CIPS/Markit Business Activity Index rose slightly to 47.4. However, the index showed contraction in the construction purchasing managers’ index activity, which dropped from 38.8 in June to 36.7 in July.
The report also revealed a marked contraction of incoming new business in July, with the seasonally adjusted Incoming New Business Index posting a reading of 44.7. Meanwhile, at 46.6, the seasonally adjusted Employment Index reflected an accelerating rate of jobs cuts.
Richard Hills, founding partner at engineering recruiter BSH partnership, told Recruiter.co.uk: “In the last year, with the development side of the industry and residential development in freefall, I think it [the slowdown] has affected all recruiters. There are a number of redundancies in residential development. We have had a number of individuals making contact with us concerning opportunities, which are very few.”
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