Activity in services up slightly but jobs still being cut

ACTIVITY in the services sector has started to improve although jobs and salaries are still being cut.

The latest NCB purchasing managers index (PMI) posted a reading of 46.7 in August from 42.4 in July. This compares with a low of 32.2 in April this year. Any reading over 50 signals growth.

Firms in the services sector are now more optimistic than at any time since June last year, according to the survey, with companies anticipating an improvement in economic conditions over the coming year.