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Financial News: UK Services Growth Improves Unexpectedly In September

UK Services Growth Improves Unexpectedly In September

10/04/2017 - 05:22:00 (RTTNews)

(RTTNews) - The UK services sector growth improved unexpectedly at the end of the third quarter, though slightly, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Wednesday.

The services Purchasing Managers' Index, or PMI, climbed to 53.6 in September from August's 11-month low of 53.2.

Economists had expected the index to remain stable at 53.2. Any reading above 50 indicates expansion in the sector.

Among components, output grew at a sustained pace in September, while new business increased at the weakest pace in thirteen months.

However, the rate of job creation eased only marginally from August's 19-month high.

On the price front, input price inflation intensified to a 7-month high and remained among the strongest seen since early-2011. As a result, output prices registered a solid increase in September.

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