UK Labor Productivity Growth Continues to Decline
Oct 7, 2001
The UK service sector registered negative productivity growth in September according to the latest Lloyds TSB/IMS Productivity Index, which was 48.7, 1.3 index points bellow the cutting point. The drop in services productivity is due to the drop in economic activity while employment continued unchanged. The manufacturing sector registered positive productivity growth despite the recession in the sector due to sharp employment cut-backs. UK labor productivity stood at 50.5, down from 51.3 due to the poor performance of the services sector.
The Lloyds TSB / IMS Productivity Index is constructed using the employment and economic activity data collected from the panel of 1400 UK manufacturing and service sector companies that participate in the CIPS/NTC surveys of UK business conditions. The Lloyds TSB /IMS Index provides the most up-to-date productivity measurement in the UK and is usually very close to the official data from the Office for National Statistics (ONS).
The press release of the report is available at NTC Research at:
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