The UK services sector growth improved unexpectedly at the end of the third quarter, though slightly, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Wednesday.
The services Purchasing Managers’ Index, or PMI, climbed to 53.6 in September from August’s 11-month low of 53.2.
Economists had expected the index to remain stable at 53.2. Any reading above 50 indicates expansion in the sector.
Among components, output grew at a sustained pace in September, while new business increased at the weakest pace in thirteen months.
However, the rate of job creation eased only marginally from August’s 19-month high.
On the price front, input price inflation intensified to a 7-month high and remained among the strongest seen since early-2011. As a result, output prices registered a solid increase in September.
Source: RTT News