Employment tumbled at record pace in services sector last month

JOBS in the services sector were shed at a record pace last month as lower activity forced almost half of employers to reduce staffing levels.

The latest NCB services purchasing managers index (PMI) also found the fall in profitability in the sector in January was the steepest since profits data were first collected two years ago.

According to panellists, this was due to a combination of output price cuts and falling sales.