UK Labour Market	

9th January 2014

The most up-to-date source of monthly UK labour market data and analysis

Report on J...
Report on Jobs | Recruitment Industry Survey

1

Executive summary

The Report on Jobs is unique in providing the most
com...
Report on Jobs | Recruitment Industry Survey

2

Staff appointments

Recruitment consultancies report on the number of
peo...
Report on Jobs | Recruitment Industry Survey

3

Vacancies

Recruitment consultants are asked to specify
whether the deman...
Report on Jobs | Recruitment Industry Survey

4

Demand for staff by sector

Recruitment consultancies are requested to co...
Report on Jobs | Recruitment Industry Survey

5

Staff availability

Recruitment consultants are asked to report whether
a...
Report on Jobs | Recruitment Industry Survey

6

Pay pressures

The recruitment industry survey tracks both the
average sa...
Report on Jobs | Recruitment Industry Survey

7

Feature UK economic growth	

PMI surveys signal strong end to 2013
Furthe...
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Uk jobs market January

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Vacancy growth holds near 15-year high for UK Job Market going into 2014

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Uk jobs market January

  1. 1. UK Labour Market 9th January 2014 The most up-to-date source of monthly UK labour market data and analysis Report on Jobs Growth of staff appointments accelerates sharply Staff Appointments via Recruitment Consultancies 50 = no change on previous month 75 The Report on Jobs is a monthly publication produced by Markit and sponsored by the Recruitment and Employment Confederation and KPMG LLP. The report features original survey data which provide the most up-todate monthly picture of recruitment, employment, staff availability and employee earnings trends available. 70 Increasing rate of growth Temp/Contract Billings 65 60 55 50 45 40 Permanent Placements 35 30 Increasing rate of decline 1 Executive summary 2 Appointments 3 Vacancies 4 Sectoral demand 5 Staff availability 25 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Key points from the December survey:  Strongest rise in permanent placements since March 2010  Temp billings increase at fastest pace in over 15 years  Permanent salary growth highest since October 2007 6 Pay pressures 7 Special feature Commenting on the latest survey results, Bernard Brown, Partner and Head of Business Services at KPMG, said: Markit Henley on Thames Oxon RG9 1HG, UK Tel: +44 1491 461000 Fax: +44 1491 461001 email: economics@markit.com Copies of the report are available on annual subscription from Markit. For subscription details please contact: economics@markit.com “Combine the latest job figures with news that business confidence has reached a new high and it’s easy to share the renewed sense of optimism amongst employers. Permanent placements alone have hit a 4-year peak and with temporary hires accelerating to a 15-year high there is clearly room for corporate investment and, with it, job creation. Little wonder there is speculation suggesting Mark Carney might revise the unemployment benchmark at which an interest rate rise will be considered. “The recovery is clearly gaining momentum, but it will remain delicate until exports show stronger growth. As a result employers and individuals, alike, will be keeping an eye on interest rates and the impact any changes have on the pound in their pocket before deciding if a new job is the way to go. Some uncertainty still remains because the availability of staff to fill roles has seen a steep fall – the biggest for almost 10 years. It’s a particularly strong pattern in the Midlands and across London, and one which should be monitored carefully. The risk is that if it continues employers who are desperate to fill a gap could become stretched beyond their means at the same time as over-inflating the market by offering high salaries just to tempt employees to move.”
  2. 2. Report on Jobs | Recruitment Industry Survey 1 Executive summary The Report on Jobs is unique in providing the most comprehensive guide to the UK labour market, drawing on original survey data provided by recruitment consultancies and employers to provide the first indication each month of labour market trends. Staff Appointments 50 = no change on previous month 70 50=no change on previous month 70 Temp/Contract Billings Stronger rises in permanent and temporary appointments The number of people placed in permanent jobs continued to increase in December, with the rate of expansion accelerating to the sharpest since March 2010. Growth of temp billings also quickened, reaching its fastest pace for over 15 years. Vacancy growth holds near 15-year high Demand for staff continued to increase strongly in December. The rate of expansion of job vacancies was little-changed from the 15-year high posted in November. 65 60 60 55 The main findings for December are: 65 55 50 50 45 45 40 40 35 35 Permanent Placements 30 30 25 25 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Demand for staff 50 = no change on previous month 75 70 Increasing rate of growth Temp/Contract Vacancies 65 Permanent salaries rise at fastest pace in over six years... Average starting salaries for people placed in permanent jobs increased further in December, with the rate of growth the strongest since October 2007. Temporary/contract staff hourly pay rates rose at a solid pace that was slightly slower than in the previous month. ...amid declining availability of candidates The availability of staff to fill permanent job roles continued to fall in December. The latest reduction was the steepest since November 2004. Although easing slightly from November’s nine-year record, the rate of decline in temporary/contract staff availability remained substantial. 60 55 50 45 40 Permanent Vacancies 35 30 Increasing rate of decline 25 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Staff Availability and Earnings Growth 50 = no change on previous month 70 65 50 = no change on previous month (inverted) Skill shortages (Availability of staff inverted - RHS) 40 60 50 55 60 50 70 45 40 Average permanent salaries (LHS) 35 80 90 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 All Intellectual Property Rights owned by Markit Economics Limited 30
  3. 3. Report on Jobs | Recruitment Industry Survey 2 Staff appointments Recruitment consultancies report on the number of people placed in permanent jobs each month, and their revenues (billings) received from placing people in temporary or contract positions at employers. Staff Appointments via Recruitment Consultancies 50 = no change on previous month 75 70 60 55 Strongest rise in permanent placements since March 2010 50 45 The number of people placed in permanent jobs continued to rise in December. Moreover, the rate of expansion accelerated sharply since November to the fastest pace in 45 months. In fact, the latest increase was the third-strongest since the start of the survey in October 1997. Panellists commented that higher placements had been underpinned by markedly rising demand for staff. The Midlands registered the steepest increase in permanent placements during December, followed by the North. Agencies’ billings from the employment of temporary/contract staff increased further in December. Having accelerated since November, the rate of expansion was the sharpest in over 15 years. Survey respondents commented that growth of temp billings reflected a combination of greater demand from existing clients and the securing of new contracts. Mirroring the trend observed for permanent staff, the fastest growth of temp billings in December was recorded in the Midlands, while the North posted the second-sharpest rise. An index reading above 50 signals a higher number of placements/billings than the previous month. Readings below 50 signal a decline compared with the previous month. Temp/Contract Billings 65 Recruitment consultants signalled further growth of staff appointments in December, with both permanent placements and temporary/contract staff billings increasing at faster rates. Fastest rise in temp billings since July 1998 Increasing rate of growth 40 Permanent Placements 35 30 Increasing rate of decline 25 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Permanent Staff Placements Q. Please compare the number of staff placed in permanent positions with the number one month ago. Higher % 2013 Jul Aug Sep Oct Nov Dec 48.9 37.8 49.0 42.6 39.9 39.1 Same % Lower % Net +/- 32.0 38.6 33.5 34.8 34.9 34.6 19.1 23.6 17.4 22.6 25.2 26.4 29.8 14.2 31.6 20.0 14.6 12.7 Index S.Adj. 50 = no chg Index 64.9 57.1 65.8 60.0 57.3 56.3 63.3 61.3 62.2 61.9 59.3 64.6 Temporary/Contract Staff Billings Q. Please compare your billings received from the employment of temporary and contract staff with the situation one month ago. Higher % 2013 Jul Aug Sep Oct Nov Dec 46.6 44.4 43.1 40.1 38.3 38.9 Same % Lower % Net +/- 36.8 40.0 43.1 44.9 44.9 43.8 16.6 15.6 13.8 15.0 16.8 17.3 30.0 28.8 29.4 25.1 21.5 21.6 Index S.Adj. 50 = no chg Index 65.0 64.4 64.7 62.5 60.7 60.8 61.5 62.9 61.7 61.0 60.4 63.1
  4. 4. Report on Jobs | Recruitment Industry Survey 3 Vacancies Recruitment consultants are asked to specify whether the demand for staff from employers has changed on the previous month, thereby providing an indicator of the number of job vacancies. The summary indexes shown in this page are derived from the detailed sector data shown on page 5. Job Vacancies 50 = no change on previous month 75 70 65 60 55 50 45 40 35 30 25 Vacancy growth maintained at strong rate Demand for staff continued to rise at a marked pace in December. The Report on Jobs Vacancies Index posted 65.7, only fractionally below November’s 15-year high of 65.8. Strong rates of expansion were signalled for both permanent and temporary/contract staff. Increasing rate of growth Vacancy Index Increasing rate of decline 50 = no change on previous month 75 70 Temp/Contract Vacancies 65 Public & private sector vacancies 60 Private sector demand for staff remained much stronger than that in the public sector, according to the latest survey data. In the private sector, marked rates of vacancy growth were signalled for both permanent and temporary workers. Public sector demand for permanent staff stagnated in December, whereas temporary vacancies rose at a solid pace. The Job Vacancies Index monitors the overall demand for staff at recruitment consultancies. An index reading above 50 signals a higher number of vacancies than the previous month. Readings below 50 signal a decline compared with the previous month. 50 Increasing rate of decline 45 40 Permanent Vacancies 35 30 25 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Other vacancy indicators Data from the Office for National Statistics showed that job vacancies were up 14.9% on an annual basis in the three months to November. Latest available data signalled that internet-based recruitment spending rose by 4.6% in the second quarter of 2013. That was up from a pace of 2.3% in the first quarter. 55 Increasing rate of growth Job Vacancy Indicators Aug’13 Sep Oct Nov Dec Job Vacancy Index (recruitment industry survey) 50 = no change on previous month Total Permanent Staff Temporary Staff 64.0 64.0 64.1 63.9 63.9 63.0 64.2 64.3 63.0 65.8 66.0 63.0 65.7 65.9 63.0 Public & private sector vacancies (not seasonally adjusted) Public: perm Public: temp Private: perm Private: temp 47.4 51.6 65.7 66.3 49.1 58.2 68.7 65.5 54.9 57.8 70.2 66.2 51.4 50.4 70.8 65.8 50.0 53.5 66.6 63.7 Job centre vacancies 13.0 Internet recruitment 4.6 13.5 -- 13.4 -- 14.9 -- n/a -- Other key vacancy data Annual % change Sources: Job centre vacancies provided by Office for National Statistics Internet recruitment spending provided by WARC.com All Intellectual Property Rights owned by Markit Economics Limited
  5. 5. Report on Jobs | Recruitment Industry Survey 4 Demand for staff by sector Recruitment consultancies are requested to compare the demand for staff according to sector with the situation one month ago. Demand for staff 50 = no change on previous month 90 Demand increased for all nine permanent staff categories covered by the survey in December. The strongest rate of expansion was signalled for Executive/Professional workers. Nursing/Medical/Care, IT & Computing and Accounting/ Financial also registered strong rates of growth. T his year Rank Dec'13 Executive/Professional Nursing/Medical/Care IT & Computing Accounting/Financial Secretarial/Clerical Engineering* Blue Collar Construction* Hotel & Catering 1 2 3 4 5 6 7 8 9 69.5 68.9 68.8 68.2 64.8 64.6 61.2 58.8 58.5 (Last year) Rank Dec'12 (3) (2) (1) (5) (4) n/a (6) n/a (7) (56.3) (57.3) (58.1) (54.4) (56.1) n/a (53.1) n/a (51.5) P erm 70 60 IT & Computing Nursing/Medical/Care Accounting/Financial Secretarial/Clerical Blue Collar Engineering* Construction* Hotel & Catering Executive/Professional T his year Rank Dec'13 1 2 3 4 5 6 7 8 9 66.1 65.1 64.9 64.2 63.7 60.8 59.8 57.6 57.5 (Last year) Rank Dec'12 (4) (1) (5) (2) (3) n/a n/a (6) (7) T em p 50 40 30 T em p 40 30 20 90 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Executive & Professional 80 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 *Non-seasonally adjusted data. Prior to April 2013 Engineering/Construction was reported as a single category. T em p 60 P erm 70 50 P erm 40 T em p 30 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Hotel & Catering T em p 20 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 78 Engineering; Construction P erm 74 Tem p 70 66 62 P erm 58 54 50 30 20 Nursing/Medical/Care 60 80 40 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 80 30 50 20 90 Blue Collar 50 70 P erm 40 60 90 T em p 30 70 20 IT & Computing 50 T em p 80 40 90 60 50 90 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 70 60 40 20 80 P erm 70 (54.6) (62.1) (54.2) (56.6) (55.4) n/a n/a (52.6) (49.0) Data are presented in the form of diffusion indices whereby a reading of 50 indicates no change on the previous month. Readings above 50 signal stronger demand than a month ago. Readings below 50 signal weaker demand than a month ago. P erm 60 50 20 Higher levels of demand were signalled for each of the nine temporary/contract staff categories in December. IT & Computing posted the fastest growth, with Nursing/Medical/ Care and Accounting/Financial completing the top three places in the demand for staff ‘league table’. Accounting & Financial 70 30 Temporary/contract staff 90 80 80 Permanent Staff Secretarial & Clerical 46 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 E ngineering Construction
  6. 6. Report on Jobs | Recruitment Industry Survey 5 Staff availability Recruitment consultants are asked to report whether availability of permanent and temporary staff has changed on the previous month. An overall indicator of staff availability is also calculated. Staff Availability 50 = no change on previous month Improving availability 90 80 Availability of permanent staff Staff Availability Index 70 Permanent staff availability fell at a sharp and accelerated rate in December. The latest drop was the most marked since November 2004. Around 40% of panellists signalled a reduction in permanent staff availability, four times the proportion that indicated an increase. Lower permanent staff availability was recorded in all four English regions, with the Midlands and London posting the sharpest reductions. 60 50 40 30 Deteriorating availability 20 50 = no change on previous month 90 Improving availability 80 Availability of temp/contract staff 70 The availability of temporary/contract staff fell for the sixth month running in December. Although easing slightly from November’s nine-year record, the rate of decline remained marked. Temp availability decreased in all four English regions, with the steepest reduction signalled in the Midlands. 60 50 Permanent Availability Temp Availability 40 30 Deteriorating availability 20 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Availability of permanent staff Key permanent staff skills reported in short supply:* Accountancy/Financial: ACAs, Accounting, Credit control, Payroll. Blue Collar: Drivers. Construction: Construction white collar. Engineering: Automotive, CAD, CNC, General engineering, Telecoms. Executive/Professional: Business development, Marketing, Project managers, Senior managers. IT/Computing: Business analysts, Digital marketing, General IT, Java, PHP, Web developers. Nursing/Medical/Care: Nursing. Other: Customer service, Languages, Sales. Q. Is the availability of candidates for permanent vacancies better, the same or worse than one month ago? 2013 Jul Aug Sep Oct Nov Dec *consultants are invited to specify any areas in which they have encountered skill shortages during the latest month All Intellectual Property Rights owned by Markit Economics Limited 13.0 13.9 19.0 14.8 12.5 10.1 Same % Worse % Net +/- Index S.Adj. Index 56.3 58.3 51.6 55.2 53.7 50.1 30.7 27.8 29.4 30.0 33.9 39.8 -17.6 -13.9 -10.5 -15.3 -21.4 -29.8 41.2 43.0 44.8 42.4 39.3 35.1 44.2 45.7 45.3 42.9 40.7 39.6 Availability of temporary/contract staff Key temp skills reported in short supply:* Accountancy/Financial: Finance, Management accountants. Construction: Construction labourers. Engineering: Analytical engineers, Process design engineers. IT/Computing: Business intelligence, Digital marketing, .Net, PHP, Web developers. Nursing/Medical/ Care: Carers, Nurses. Secretarial/Clerical: Legal secretaries. Other: Telesales. Better % Q. Is the availability of candidates for temporary vacancies better, the same or worse than one month ago? Better % 2013 Jul Aug Sep Oct Nov Dec 17.9 16.2 18.4 14.2 12.6 16.0 Same % Worse % Net +/- Index S.Adj. Index 55.4 58.0 55.1 57.6 61.0 52.8 26.6 25.8 26.5 28.2 26.5 31.2 -8.7 -9.6 -8.0 -14.0 -13.9 -15.2 45.7 45.2 46.0 43.0 43.0 42.4 47.2 46.9 47.0 44.6 43.1 43.6
  7. 7. Report on Jobs | Recruitment Industry Survey 6 Pay pressures The recruitment industry survey tracks both the average salaries awarded to people placed in permanent jobs each month, as well as average hourly rates of pay for temp/contract staff. Pay Pressures 50 = no change on previous month 70 Increasing rate of growth Permanent Salaries 65 Permanent salaries The rate of inflation of permanent staff salaries quickened further in December. The latest increase was the sharpest since October 2007. Those panellists reporting higher salaries frequently attributed this to shortages of quality candidates. All four English regions posted marked increases in permanent salaries during the latest survey period, led by the South. 60 55 50 45 Temp/contract pay rates 40 Hourly rates of pay for temporary/contract employees increased for an eleventh consecutive month in December, albeit at a slower pace than in November. Strong demand for staff was reported to have driven the latest growth of temp pay. Temp pay growth was broad-based across all four English regions in December. The Midlands recorded the strongest rise, closely followed by London. Temp/Contract Hourly Pay Rates Increasing rate of decline 35 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Permanent Salaries Q. Are average salaries awarded to staff placed in permanent positions higher, the same or lower than one month ago? UK average weekly earnings Data from the Office for National Statistics signalled that annual growth of employee earnings (including bonuses) quickened to 0.9% in the three months to October, the sharpest since the three months to July. 2013 Jun Jul Aug Sep Oct Nov Dec Yr/yr % chg in average weekly earnings (3mma) 2010 2011 2012 Jul'13 Aug Sep Oct Whole economy 2.3 2.4 1.4 1.2 0.8 0.8 0.9 Private sector 2.0 2.5 1.5 1.5 1.2 1.1 3.3 2.5 1.3 0.5 -0.5 -0.4 2.3 2.8 1.4 1.2 0.6 0.6 0.7 Manufacturing 4.0 1.6 1.8 2.1 2.1 1.8 1.7 Construction 0.9 0.9 -0.6 0.3 1.4 1.7 Lower % Net +/- Index S.Adj. Index 79.6 82.2 80.6 79.7 78.6 74.3 75.8 6.0 2.9 3.2 2.7 3.3 3.4 2.5 8.4 12.0 13.0 14.9 14.8 19.0 19.2 54.2 56.0 56.5 57.5 57.4 59.5 59.6 53.2 54.0 56.5 56.7 57.6 59.7 60.6 -0.3 Services 14.4 14.9 16.2 17.6 18.1 22.3 21.7 Same % 1.3 Public sector Higher % 0.2 Annual percent change 9 Public sector 6 3 0 Private sector -3 -6 2001 2002 Temporary/Contract Pay Rates Q. Are average hourly pay rates for temporary/contract staff higher, the same or lower than one month ago? 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Higher % 2013 Jun Jul Aug Sep Oct Nov Dec 11.9 15.7 12.1 14.3 18.0 15.3 9.0 Same % Lower % Net +/- Index S.Adj. Index 83.7 81.3 85.0 82.5 78.5 82.2 88.1 4.4 2.9 2.8 3.3 3.5 2.4 2.9 7.5 12.8 9.3 11.0 14.4 12.9 6.2 53.7 56.4 54.7 55.5 57.2 56.4 53.1 53.9 56.8 55.3 56.0 54.0 55.6 54.7
  8. 8. Report on Jobs | Recruitment Industry Survey 7 Feature UK economic growth PMI surveys signal strong end to 2013 Further strong economic growth was signalled by the Markit/ CIPS PMI® surveys in December, rounding off the best quarter of growth since the data were first available in 1998. The weighted average of the Output Indices from the three PMI surveys fell for a second month, down from 60.4 in November to a five-month low of 59.5. This indicated a further easing in the pace of growth compared to October’s all-time high, albeit remaining elevated by historical standards. Historical comparisons of the PMI against official data indicate that the survey data are consistent with the economy growing by 1.0% in the final quarter of the year, up from 0.8% in each of the previous two quarters. If the buoyancy of the survey data in the fourth quarter is borne out by the official data, the economy will have grown by 1.9% over the course of 2013 – the strongest pace of expansion since 2007. UK economic growth and the all-sector PMI Ma rk it/C IP S U K C o m p o s ite P MI G D P q u a rte rly % c h a n g e 65 2 .0 % 1 .5 % 60 1 .0 % 0 .5 % 55 0 .0 % -0 .5 % 50 -1 .0 % 45 -1 .5 % -2 .0 % 40 G DP PMI 35 J a n -0 6 -2 .5 % -3 .0 % J a n -0 8 J a n -1 0 J a n -1 2 Output/business activity indicators P MI O u tp u t / B u s in e s s Ac tivity In d e x 65 60 Growth of new orders also remained elevated, easing only modestly from the record rate of increase seen in November. The ongoing steep rate of growth of demand signalled by the surging inflows of new orders suggests that the strong expansion of business activity will be sustained into the New Year. In addition, business expectations about the year ahead in the service sector rose to their highest since early-2010, suggesting that companies expect buoyant trading conditions to persist into 2014. 55 50 45 40 35 Ma n u f a c tu r in g Co n s tr u c tio n S e r v ic e s 30 25 J a n -0 6 J a n -0 8 J a n -1 0 J a n -1 2 Sources: ONS, Markit/CIPS KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG International provides no client services. The REC is the professional body representing the UK’s £24.6 billion private recruitment and staffing industry with more than 8,000 recruitment agencies and 6,000 recruitment consultants in membership. There are more than 1 million temporary workers registered with UK agencies who are deployed in industry, commerce and the public services every day. Markit is a specialist compiler of business surveys and economic indices, including the Purchasing Managers’ Index®(PMI®) series, which is now available for 32 countries and key regions including the Eurozone. For more information e-mail economics@markit.com or call +44 1491 461000. All Intellectual Property Rights owned by Markit Economics Limited Recruitment Industry Survey The monthly survey features original research data collected via questionnaire by Markit from a panel of 400 UK recruitment and employment consultancies. In 2010/11, some 1,049,333 people were employed in either temporary or contract work through consultancies and 604,193 people were placed in permanent positions through consultancies. Monthly survey data were first collected in October 1997 and are collected in the end of each month, with respondents asked to specify the direction of change in a number of survey variables. Markit do not revise underlying survey data after first publication, but seasonal adjustment factors may be revised from time to time as appropriate which will affect the seasonally adjusted data series. The intellectual property rights to these data are owned by or licensed to Markit Economics Limited. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without Markit’s prior consent. The publication or release of any of these data prior to the general release time is an infringement of Markit Economics Limited’s intellectual property rights. Markit shall not have any liability, duty or obligation for or relating to the content or information (“data”) contained herein, any errors, inaccuracies, omissions or delays in the data, or for any actions taken in reliance thereon. In no event shall Markit be liable for any special, incidental, or consequential damages, arising out of the use of the data. Purchasing Managers’ Index® and PMI® are either registered trade marks of Markit Economics Limited or licensed to Markit Economics Limited. Markit is a registered trade mark of Markit Group Limited.

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