The rate of job cuts in Scotland last month was the fastest it has been for over 20 years as the coronavirus crisis took its toll on the economy.
According to the Royal Bank of Scotland’s Purchasing Managers Index, the services sector here suffered its biggest downturn in activity since the survey started in 1998.
It also found that private sector companies north of the border shed jobs at a quicker rate than anywhere else in the UK during March, with the cuts to payroll numbers the deepest since the survey began over 20 years ago.
“Tumbling” client demand was attributed to the record-setting decline.
Only Northern Ireland reported a larger retraction in business output across the 12 areas followed by the survey.
Confidence amongst firms has also collapsed, according to the report, with companies’ expectations for activity the weakest they have been since 2012.
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