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Financial News: UK Service Sector Rebounds In April

UK Service Sector Rebounds In April

05/03/2018 - 04:44:00 (RTTNews)

(RTTNews) - The UK service sector rebounded in April following the snow disruptions seen in March, survey data from IHS Markit showed Thursday.

The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers' Index rose to 52.8 in April from 51.7 in March. Nonetheless, the reading was below the forecast of 53.5.

The latest reading only signaled a moderate increase in service sector activity, with the rate of growth the second-weakest since September 2016.

"The overall expansion signaled by the three surveys in April was the second-weakest since the Brexit vote, pointing to a quarterly rate of GDP growth of around 0.2 percent at the start of the second quarter," Chris Williamson, chief business economist at IHS Markit.

Subdued new business growth persisted in April, which contributed to a further slowdown in the rate of job creation.

Meanwhile, survey respondents also noted that higher payroll costs continued to drive up operating expenses and place a squeeze on margins.

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