FOREX TradingCharts.com

Financial News: UK Service Sector Logs Robust Expansion On New

UK Service Sector Logs Robust Expansion On New Business Growth

12/03/2021 - 07:27:00 (RTTNews)

(RTTNews) - The UK service sector continued to log strong recovery in November driven by the fastest rise in new business intakes for five months, final data from IHS Markit showed on Friday.

The Chartered Institute of Procurement & Supply services Purchasing Managers' Index dropped to 58.5 in November from October's three-month high of 59.1. The flash reading was 58.6. As a result, output growth in the final quarter of 2021 remained well on track to exceed that seen in the third quarter.

New business growth was the strongest since June underpinned by strong business and consumer spending. Export sales gained momentum, with the rate of growth the steepest for over four-and-a-half years.

Service providers continued to indicate robust demand for staff in November, with employment numbers rising for the ninth consecutive month.

Meanwhile, imbalance demand and supply contributed to another build up of unfinished work in November. Data pointed to surging input costs as suppliers passed on higher raw material prices and transportation bills. The latest rise in input prices was the strongest in 25 years of data collection. Prices charged by service sector firms also rose at a survey record pace in November.

The degree of optimism about business activity growth was the lowest for 12 months. At 57.6 in November, the composite output index dipped slightly from 57.8 in October but remained above the 50.0 no-change threshold for the ninth consecutive month. The flash score was 57.7.

The vast majority of survey responses in November were received prior to the news of the Omicron variant, however, which has the potential to derail near-term growth prospects and add to international supply chain disruption, Tim Moore, economics director at IHS Markit, said.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


China GDP Growth Slows In Q4; PBoC Cuts Lending Rate (47 min(s) ago)
(RTTNews) - China's economy grew at a slower pace in the fourth quarter of 2021 amid weak prop ...Full Story»

India Trade Deficit Widens In December (52 min(s) ago)
(RTTNews) - India's overall trade deficit widened in December with imports rising fast than ex ...Full Story»

U.S. Consumer Sentiment Drops More Than Expected Due To Inflation Worries (21 min(s) ago)
(RTTNews) - Inflation concerns have contributed to a bigger than expected drop in U.S. consumer se ...Full Story»

U.S. Business Inventories Jump 1.3% In November, More Than Expected (04 min(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday showed business inventories in ...Full Story»

U.S. Industrial Production Unexpectedly Edges Down 0.1% In December (16 min(s) ago)
(RTTNews) - Partly reflecting a sharp pullback in utilities output, the Federal Reserve released a ...Full Story»

U.S. Import Prices Unexpectedly Dip Amid Sharp Pullback In Fuel Prices (55 min(s) ago)
(RTTNews) - Import prices in the U.S. unexpectedly showed a modest decrease in the month of Decemb ...Full Story»

U.S. Retail Sales Unexpectedly Tumble Amid Higher Prices, Shortages (35 min(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday unexpectedly showed a steep dro ...Full Story»

U.S. Import Prices Unexpectedly Dip 0.2% In December (07 min(s) ago)
(RTTNews) - Import prices in the U.S. unexpectedly showed a modest decrease in the month of Decemb ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

China GDP Growth Slows In Q4; PBoC Cuts Lending Rate

01/17/2022 - 00:49 AM (RTTNews)
(RTTNews) - China's economy grew at a slower pace in the fourth quarter of 2021 amid weak prop ...Full Story>>

India Trade Deficit Widens In December

01/14/2022 - 11:28 AM (RTTNews)
(RTTNews) - India's overall trade deficit widened in December with imports rising fast than ex ...Full Story>>

U.S. Consumer Sentiment Drops More Than Expected Due To Inflation Worries

01/14/2022 - 10:57 AM (RTTNews)
(RTTNews) - Inflation concerns have contributed to a bigger than expected drop in U.S. consumer se ...Full Story>>

U.S. Business Inventories Jump 1.3% In November, More Than Expected

01/14/2022 - 10:40 AM (RTTNews)
(RTTNews) - A report released by the Commerce Department on Friday showed business inventories in ...Full Story>>

U.S. Industrial Production Unexpectedly Edges Down 0.1% In December

01/14/2022 - 09:52 AM (RTTNews)
(RTTNews) - Partly reflecting a sharp pullback in utilities output, the Federal Reserve released a ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.