Global Service Sectors Show Mixed Growth, UK Faces Job Cuts

Economic surveys reveal varied performance across service industries, with the UK experiencing job losses while countries like India and Spain see robust growth.

• The UK services sector has cut jobs for five consecutive months, with February marking the fastest pace of job cuts since 2020, driven by rising payroll costs and tax increases.
• India's services sector experienced strong growth in February, supported by robust domestic and global demand, leading to increased hiring and optimism about future activity.
• Spain's service sector saw accelerated growth, with rising domestic and export demand, though optimism slightly cooled due to cost pressures.
• France's services sector contracted sharply in February, with the steepest decline in business activity since late 2023 and the fastest job cuts since 2020.
• Germany, Japan, and other regions reported slower or marginal growth in services, while South Africa and Russia saw modest improvements after previous declines.

15 Articles

The Times