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Financial News: UK Service Sector Growth At 3-Month High

UK Service Sector Growth At 3-Month High

06/05/2018 - 04:53:00 (RTTNews)

(RTTNews) - British service sector activity expanded at the fastest pace in three months in May, survey data from IHS Markit showed Tuesday.

The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, rose to 54.0 in May from 52.8 in April. The index was forecast to increase to 53.0.

Any reading above 50 indicates expansion in the sector.

However, new business volumes continued to rise at a relatively subdued pace in May.

At the same time, the rate of job creation across the service sector was the second-weakest since March last year amid tight labor market conditions.

On the price front, input prices rose sharply in May on higher fuel bills and staff salaries. Despite this, the rate of charge inflation slowed further to its weakest since June 2017.

"The sector will be looking for an urgent dose of clarity and direction from policymakers with Brexit less than a year away, because without a sound pipeline of new work coming through this creeping slowdown could become a state of stagnation, or worse," Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply, said.

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