Business boost for services sector

SERVICES companies reported an increase in new business last month, notably from domestic clients, but job cuts in the sector continued.

New figures show the expansion of Ireland’s services sector slowed in August, but companies still remained confident about future prospects. The rate of job cuts accelerated to its fastest level in three months.

The NCB services Purchasing Managers’ Index (PMI) fell to 52.9 from 55.7 in July, when the sector saw the fastest rate of expansion since late 2007. Any figure over 50 signals growth. The survey measures activity at companies such as hotels and banks.