UK Contractors: Scottish jobs growth fastest in 16 years
Contractors working north of the border will be pleased to learn that the latest Bank of Scotland PMI has revealed positive news with regards to jobs growth.
February’s Bank of Scotland PMI report has shown a continuation of strong jobs growth within the private sector, as well as improving business conditions, which has in turn led Scottish firms to raise employment to the greatest extent since the survey began 16 years ago.
The report, which is based on data from approximately 600 private manufacturing and service sector companies, also revealed that Scotland’s service providers recorded a further increase in the level of business activity at their units in February, which they suggested was often a reflection of higher new business. Moreover, growth was the fastest in four months, having improved fractionally from the marked pace recorded during the first month of the year.
Donald MacRae, Chief Economist at Bank of Scotland, said, “February’s PMI showed the private sector of the Scottish economy continuing to demonstrate strong growth. The rise in employment was the steepest in 16 years of the survey while the improvement in new work was particularly strong among service businesses.
“The PMI for the last five months suggests the Scottish economy entered spring of 2014 with sufficient growth momentum to have regained the peak level of output last achieved in mid 2008 before the recession.”
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