November was a strong month for job creation in the services sector, according to the latest NCB Purchasing Manager's Index.
The index, released yesterday, shows the general index of activity in the sector rising from 61.4 in October to 62.1 in November, representing a stronger rate of growth than in October. Most firms report that they are presently experiencing a growing backlog of work.
But component indices point to a modest disimprovement in the future outlook, with the index for confidence falling from 75.4 in October to 73.7 per cent in November.
Firms also reported that business costs continued to rise strongly due to higher wage rates and energy costs. Firms said they were attempting to offset these cost increases by raising prices charged to consumers.
The financial services sector registered the strongest increase in current levels of business activity. Technology, media and telecoms firms also reported growth in activity. But a sharp decline occurred the tourism and leisure sector. November expectations for future business activity improved sharply in the technology, media and telecoms sector.
Prices increased in November in the business services, financial services and technology, media and telecoms sectors but fell in the transport, tourism and leisure sector.
