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December service sector growth creates more new contractor opportunities

Friday 6th January, 2017
Limited Company
The number of contractor opportunities created in the UK service sector remained at a high during December 2016, a new report reveals.

Markit and the Chartered Institute of Purchasing and Supply's (CIPS') latest Purchasing Managers' Index (PMI) for the industry showed that the service sector's rate of growth came in at a 17-month high in the final month of last year, leading it to be awarded an index rating of 56.2.

Not only was this higher than November's ranking of 55.2, it is also well above the 50.0 score needed to indicate growth and the survey's overall average, demonstrating that the approach of Brexit is yet to have an impact on progress and hiring.

Chris Williamson, chief business economist at Markit, commented: "A buoyant service sector adds to signs that the UK economy continues to defy widely-held expectations of a Brexit-driven slowdown."

Limited company contractors looking for new opportunities in the service sector were in luck in December, as new product launches, an increase in exports, successful mergers and the securing of new accounts all led to greater job creation throughout the course of the month.

As a result, the volume of orders that sector organisations had to deal with rose for the fourth time in five months, which also led to more skilled workers being required.

David Noble, group chief executive officer at CIPS, stated: "Keeping up with levels of new work and increased activity, additions to the workforce were maintained for the fifth month running."

It looks likely that this trend will continue in the near future, but there is some uncertainty as to how Brexit will impact on hiring in the sector.

With this in mind, contractors need to make sure they are equipping themselves with a high level of skills and knowledge that will prove valuable to clients. This will help to ensure they are in the most competitive position possible following the government's triggering of Article 50 to begin the formal process of Britain leaving the EU.

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