Contractor News Roundup: July 2020
Contractors may be interested to learn that the latest UK Services PMI has shown a record increase in employment within the sector.
The recent Markit/CIPS UK Services PMI (Purchasing Managers’ Index) has revealed that June has seen providers in the sector signalling a survey record in payroll numbers, as new business rose at the fastest pace in six months.
According to findings, companies raised activity in order to deal with higher workloads.
Chris Williamson, Chief Economist at Markit, said, “Yet another strong services sector PMI number indicates the UK economy continued to boom in June. Alongside an ongoing surge in construction and the largest quarterly rise in manufacturing output for 20 years, the services PMI confirms that the economy is firing on all cylinders. We expect the economy to grow by 0.8% again in the second quarter, taking GDP to a new all-time high.
“A renewed upturn in growth of new orders across all three sectors suggests that the economy should also pick up speed again as we move into the second half of the year.”
David Noble, Group Chief Executive Officer at the Chartered Institute of Purchasing & Supply, added, “A hiring spree among the UK’s services firms arrived in response to the sharpest increase in new business in six months.
“As levels of activity surged higher, along with strong customer demand and favourable market conditions, job creation accelerated to a record survey high in June. With optimism increasing and momentum continuing to build, there is no evidence to suggest that the speed in the recovery is about to slow down anytime soon.”
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