Britain in longest job slump since financial crisis, PMI shows
- LONDON – Britain’s two-year job market downturn has lasted as long as the slump seen during the global financial crisis as firms cut costs and turn to artificial intelligence, according to a closely watched survey released on Aug 5.
- S&P’s purchasing managers’ index (PMI) showed that services firms and employers across the wider private sector reduced headcount for the 22nd straight month in July.
- While the pace of job losses eased slightly in July, the length of the downturn in the services sector now matches that seen during the 2008-2009 financial crash.
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- LONDON – Britain’s two-year job market downturn has lasted as long as the slump seen during the global financial crisis as firms cut costs and turn to artificial intelligence, according to a closely watched survey released on Aug 5.
- S&P’s purchasing managers’ index (PMI) showed that services firms and employers across the wider private sector reduced headcount for the 22nd straight month in July.
- While the pace of job losses eased slightly in July, the length of the downturn in the services sector now matches that seen during the 2008-2009 financial crash.
Sources: Straitstimes