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Financial News: UK Service Sector Expands At Fastest Pace In

UK Service Sector Expands At Fastest Pace In 8 Months

07/04/2018 - 05:01:00 (RTTNews)

(RTTNews) - UK service sector activity expanded at the fastest pace in eight months in June driven by strong growth in new work, survey data from IHS Markit showed Wednesday.

The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index improved to 55.1 in June from 54.0 in May. Economists had forecast the index to remain unchanged at 54.0.

The score has remained above the 50.0 no-change mark for the twenty-third consecutive month. Moreover, the latest reading signaled the strongest rate of expansion since October 2017.

"Stronger growth of service sector activity adds to signs that the economy rebounded in the second quarter and opens the door for an August rate hike, especially when viewed alongside the news that inflationary pressures spiked higher," Chris Williamson, chief business economist at IHS Markit, said.

Data showed that new work increased at the fastest pace in over a year on product launches, new marketing initiatives and improving economic conditions.

Meanwhile, employment numbers increased only moderately in June, with the rate of job creation holding close to the 13-month low. June data signaled a sharp and accelerated rise in average cost burdens.

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