New slump fear as services falter
ACTIVITY in the services sector dropped for the first time since March, an indication that the country is heading towards a double dip recession.
The NCB Services Purchasing Managers' Index fell from 52.9 in August to 48.8. Any number below 50 means activity fell.
However, although employment at services companies fell again, the drop was only marginal and was the smallest for almost two years.
Last week, a similar survey for the manufacturing sector showed the first drop since February.
The new services report showed that a slowdown in the wider economy led to a drop in new business in September.