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Financial News: UK Service Sector Logs Sharp Growth In June

UK Service Sector Logs Sharp Growth In June

07/05/2021 - 07:48:00 (RTTNews)

(RTTNews) - The UK service sector logged another steep growth in June as looser pandemic restrictions released pent up demand, final data from IHS Markit showed on Monday.

The Chartered Institute of Procurement & Supply services Purchasing Managers' Index registered 62.4 in June, down slightly from 62.9 in May. This was the second-highest reading since October 2013 and above the earlier 'flash' figure of 61.7.

The index stayed above the 50.0 neutral mark for the fourth straight month in June. Another sharp rise in new orders helped to boost output volumes across the service sector. In contrast to the overall trend for new orders, there was a marginal reduction in export sales among service sector companies as there were international travel restrictions and uncertainties about quarantine policies.

Difficulties meeting current order volumes occurred despite a robust and accelerated increase in employment numbers. Job creation was the strongest since June 2014.

On the price front, the survey showed that input cost and prices charged inflation both hit record highs in June. Service providers noted that higher staff wages, increased raw material prices and greater transportation charges were the main factors pushing up costs.

Further, the survey revealed that there was a steep rise in overall private sector output, supported by robust growth in both service activity and manufacturing production.

The composite output index posted 62.2 in June, down from 62.9 in the previous month. This was the second-highest reading since the series began in January 1998 and was above the earlier flash score of 61.7.

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