New figures indicate that private companies are thriving in the current economic climate and creating jobs at a pace that matches levels seen in the late 1990s, reports thisismoney.co.uk.
The latest purchasing managers’ index from Markit/CIPS shows that 150,000 private sector jobs were created in the fourth quarter of 2013, which saw many firms hiring more members of staff to match the increased demand for their services.
Positive figures from the fourth quarter, unfolding between September and December, meant that employment in the private sector rose for the 12th consecutive month.
The readings suggested that unemployment has fallen yet again, with this decline following a 7.4 per cent drop in the number of people seeking jobs between August and October.
Considering the build up of momentum, the index supported the theory that unemployment will drop down to as low as seven per cent in the first half of 2014.
Markit’s chief economist Chris Williamson told telegraph.co.uk that job creation within the private sector is showing promising signs.
“Growth of employment picked up again in December, but remained just shy of October’s record high, pushed upward by faster job creation in the service sector,” he commented.
“Some easing in employment growth was seen in construction and a marginal weakening seen in manufacturing, though in all three cases the pace of hiring remained robust.”