The latest results from the Jersey Business Tendency Survey, which aims to provide up-to-date detailed information about Jersey’s economy; reported that six of the ten indicators for the finance sector were at levels similar to those recorded in the previous quarter.
The report found that financial services firms were marginally negative in June 2012 with regard to Business Activity (-2 percentage points) and Profitability indictors (-5 pp). Whilst Employment decreased, the Future Employment indicator has improved compared with the previous quarter, becoming marginally positive.
The Future Business Activity indicator has seen an on-going decline since June 2011, from weighted net balances of 45 pp to 12 pp most recently.
It is important to note however, that the results for the finance sector were in general more positive than the non-finance sectors (construction, wholesale and retail).
Geoff Cook, chief executive of Jersey Finance, commented:
“These latest figures whilst disappointing, are not surprising given that Jersey is experiencing an impact due to the continued volatile nature of the global markets and economic uncertainty presented by the on-going Eurozone crisis.
The current financial climate provides a challenging environment for all sectors in Jersey and it is important that we use this information to give greater support where it is needed. Jersey Finance is already working on a number of schemes with Member firms and Careers Jersey to support those in unemployment to gain valuable experience and ultimately return to the workforce”