It should come as no surprise to busy PATCA consultants that activity in the services sector has increased again in October. PATCA's member survey earlier in 2009 reported cautious optimism regarding future growth in consulting work, and economic indicators now show that growth has indeed occured.
According to JPMorgan's Global Services Business Activity Index, the upward trend continued in October, reaching a 22-month high. The report states that an increase in worldwide services activity has been noted for three successive months.
Additionally, growth of services activity in the US was very robust, reaching its highest point in two years and showing progress after the end of the recession in the third quarter. Countering the trend, there was a further reduction in employment during October, although the rate of job losses in the US is decreasing.
This phenomenon has been noted during previous economic cycles. As the economy starts to pick up speed, companies begin to hire contingent workers, like consultants. This is a great opportunity for PATCA members to reach out to new clients and to build stronger relationships with current customers.
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