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Financial News: UK Service Sector Growth Eases In November

UK Service Sector Growth Eases In November

12/05/2017 - 05:04:00 (RTTNews)

(RTTNews) - British service sector activity logged a further solid expansion in November, though the rate of growth eased since October, survey data from IHS Markit showed Tuesday.

The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, dropped to 53.8 in November from 55.6 in October. Economists had expected the index to drop to 55.0.

However, any reading above 50 indicates expansion in the sector.

Higher levels of business activity in November was driven by a further solid upturn in new work.

Nonetheless, the rate of new business growth also eased since October and was weaker than seen on average so far this year.

Employment rose only marginally in November, with the ate of job creation unchanged from October's seven-month low.

On the price front, input price inflation remained the strongest since the first half of 2011, linked to higher costs for energy, food, fuel, imported items and staff salaries.

"Optimism for the future was sustained and improved slightly but this is nothing to write home about," Director of Customer Relationships at the Chartered Institute of Procurement & Supply, said.

"Though any uplift in sentiment is always welcomed, the levels of confidence were far from those seen during the highs of 2013-2016."

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