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Financial News: UK Service Sector Growth Eases In August

UK Service Sector Growth Eases In August

09/04/2019 - 04:50:00 (RTTNews)

(RTTNews) - The UK service sector growth remained subdued in August reflecting slower growth in output and new orders, data from IHS Markit revealed Wednesday.

The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index fell more-than-expected to 50.6 in August from 51.4 in July. The reading was forecast to drop to 51.0.

The index has remained above the 50.0 no-change value for five consecutive months but the score was the lowest since June.

The latest survey also revealed slower increases in new work and staffing levels, which was often linked to sluggish underlying economic conditions.

Input price inflation accelerated to its strongest since January. However, due to intense competition for new work, prices charged by service providers increased at the slowest pace for just over three years.

Business optimism declined for the third month in a row to its lowest since July 2016.

The composite output index fell to 49.7 in August from 50.3 in July. The score has been below 50 for the second time in the last three months.

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