Business services to lose 334,000 jobs

Mon, 22 Jun 2009

The business services sector will lose more than a third of a million jobs by 2011, according to a new report.

The Centre for Economics and Business Research says the recession will destroy more than half the jobs created in the business services sector during the past five years.

The group says that the hardest hit sectors will be those that rely on the investment cycle, discretionary budgets and public sector spending. It predicts that advertising will hit the industry hardest, shedding 15,000 jobs.

Richard Wright, chief executive of finance and accountancy recruiter Martin Ward Anderson, told Recruiter: “Inevitably, the business services sector is aligned with the investment cycle.

“On the other hand, the UK economy has been a centre of excellence as far as business services is concerned. I would expect the prospects to improve as the cycle picks up again, benefiting the UK and global recovery.”