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Financial News: UK Services Growth Remains Strong In September

UK Services Growth Remains Strong In September

10/03/2018 - 04:57:00 (RTTNews)

(RTTNews) - British service sector activity maintained strong growth momentum in September, survey data from IHS Markit showed Wednesday.

The IHS Markit/Chartered Institute of Procurement & Supply services Purchasing Managers' Index dropped to 53.9 in September from 54.3 in August. The index was forecast to fall to 54.0.

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

New order growth eased marginally in September amid reports of resilient demand. But, a number of firms suggested that political uncertainty had weighed on business confidence and been a factor behind tighter budget setting among clients.

Employment showed a moderate increase in September, with the rate of job creation the strongest since February.

On the price front, cost burdens rose sharply in September, driven by higher wage bills and rising fuel prices. However, prices charged by service providers increased at the slowest pace for just over one year.

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