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Employment is growing for the first time in two years
by Aled Blake - 15/12/2009
"EMPLOYMENT in Wales grew for the first time in more than two years in November, according to key monthly data released yesterday."
Private sector output also continued its growth trend, expanding for the seventh month in a row – although there were signs that the recovery is not fully under way.
The monthly Purchasing Managers Index report from financial services information firm Markit showed that employment increased for first time since September 2007, although activity and new business grew at slower rates than they have been.
Business activity and new business rates had peaked in September from their previous slump.
Andrew Harker, economist at Markit, said: “The Welsh economy took further steps along the path to recovery in November.
“Although the rates of both output and new order expansion slowed slightly they remained strong, and facilitated the first rise in employment in more than two years. Wales was the only part of the UK to increase jobs during the month, a welcome boost as the end of the year draws near.”
Business activity at private sector companies operating in Wales continued to rise in November, as signalled by the seasonally adjusted headline index posting 55.1, from 57.5 in October.
Readings above 50 signals expansion in output, while a reading below 50 indicates contraction.
And Wales continued to slide down the UK regional growth table, posting ninth out of 12 areas covered, down from fifth in October and first in September.
Sector data suggested that manufacturers continued to lead the overall expansion in November, albeit at a much reduced pace. Services activity continued to rise at a moderate rate.
Markit said that higher new business volumes underpinned growth of total activity in the latest survey period.
The rate of expansion in new contracts eased sharply to the weakest since June, but remained greater than the long-run series average.
The latest data suggested that demand for services remained sluggish and much weaker than in manufacturing.
Although the pace of activity growth lost momentum in November, an underlying recovery was in evidence as private sector employment rose for the first time since September 2007.
Wales was the only UK area to record job creation during the month, although the rate of growth was only marginal.
Higher employment reflected recruitment at manufacturers, as service providers continued to shed staff during the month. November data continued to signal a lack of pressure on capacity. Backlogs of work fell at the fastest rate in three months.
Average input prices rose for the seventh month running in November, linked to more expensive raw materials and wage increases. However, the rate of input cost inflation remained well below the long-run series trend.
Growth of private sector business activity in Wales was partly fuelled by price discounting, as charges declined for the fourteenth month running. That said, the rate of reduction was only marginal.
More Details: http://www.walesonline.co.uk/business-in-wales/business-news/2009/12/15/employment-is-growing-for-the-first-time-in-two-years-91466-25390486/
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