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Cips: Fewer service sector jobs
Thursday, 05 June 2008
Jobs opportunities in the service sector are decreasing as a result of the credit crunch, it has been claimed.
Research carried out by economic indicator provider NTC and the Chartered Institute of Purchasing and Supply (Cips) revealed a lowly purchasing managers index (PMI) reading of 49.8.
The PMI, which is designed to indicate the health of the services sector, suggests a reduction in the number of vacancies available when it drops below the 50 mark.
Last month was the first time this had occurred since 2003.
Speaking to the Scotsman, Cips director of professional practice Roy Ayliffe said employment levels in the sector "contracted sharply" in May as waning workloads led to "a significant culling" of jobs.
"The hotels and restaurants sector reported the strongest decline in staffing levels, reflecting consumers' cutting back on spending," he added.
Cips is a UK-based international organisation serving the purchasing and supply profession.