Global service sector employment falls at record pace

14 Apr 2009

JPMorgan Global Services PMI, produced by JPMorgan and Markit Economics in association with ISM and IFPSM.

At 41.5 in March, the JPMorgan Global Services Business Activity Index regained the ground lost in February to reach
a five-month high. Although the average index reading for Q1 2009 was the second-weakest in the series history, it was slightly above the record low posted in Q4 2008.

Global service sector employment fell at a survey record rate in March. Job losses were most severe in the US non-manufacturing sector and in Irish services. The UK saw staffing levels drop at a series record pace. Meanwhile, the rates of decline in the Eurozone and Japan remained close to February's records. The remaining nations covered by the PMIs also reported lower employment.

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