The UK’s service sector has slowed in the last quarter leading up to August. The growth is the slowest in one year, however there is optimism from service provider firms. More companies are now upbeat about growth and the economy as a whole.
More firms are also looking to take on employees as a result of the increased optimism. Also further to the optimism many businesses in the service sector, which includes bars, leisure companies and bars are looking to invest in more hardware such as vehicles and equipment.
The service sector slowing is an early indication of how the economy as a whole will slow in the second half of the current year.
The number of people employed in the service sector has reached its highest peak for over 7 years. However there is now a concern for a lack of skilled workers and professionals needed to meet the demands of a growing service sector.
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Expectations for employment growth in the next quarter reached a record high. However, a shortage of professional and clerical staff is expected to act as a brake on growth.