UK Services Growth Improves Unexpectedly In September

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

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