The service sector has seen its share of
employment increasing in recent years, and
accounted for the majority of new urban jobs
created in 2015 (World Bank 2015a). This helped
offset stagnant hiring in shrinking industrial
sectors, and kept urban labor markets tight. Wages and real incomes have continued to increase, albeit
at lower rates, contributing to sustained growth of
private consumption. A continued rebalancing
from industry to services should support the shift
from investment to consumption, whose share in
GDP is gradually recovering from a post-crisis dip.