FOREX TradingCharts.com

Financial News: UK Services Activity Expands Most In 8 Months

UK Services Activity Expands Most In 8 Months

02/05/2024 - 07:04:00 (RTTNews)

(RTTNews) - The British service sector grew at the fastest pace in eight months in January amid a sustained rise in new orders, final survey results from S&P Global revealed Monday.

The final Chartered Institute of Procurement and Supply Services Purchasing Managers' Index climbed to 54.3 in January from 53.4 in December. The flash reading was 53.8.

The score was above the 50.0 no-change value for the third straight month, signalling the fastest rate of business activity growth since May 2023.

New orders grew at the quickest pace in eight months amid reports of greater willingness to spend among clients.

During January, new export orders showed a moderate increase, supported by stronger demand from Asia and the US, helping to offset subdued euro area business conditions.

Consequently, service providers raised their workforce numbers in an effort to boost business capacity and process unfinished work, and the rate of job creation was the fastest since July 2023.

On the price front, input price inflation eased at the start of the year, and selling prices rose at the slowest pace in four months. Overall input price inflation was mainly due to higher staff salaries.

Looking ahead, British service companies remained confident about the outlook for business activity over the next year amid hopes of long-term business expansion plans, supportive economic conditions, and expected interest rate cuts.

The final composite output index rose to 52.9 from 52.1 in the previous month, indicating a moderate increase in private sector output. The score was above the flash score of 52.5.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


German Ifo Business Morale Rises Slightly (06 hr(s), 17 min(s), 26 sec(s) ago)
(RTTNews) - Sentiment among German companies rose moderately in February due to less pessimism reg ...Full Story»

Poland Jobless Rate Rises To 5.4%, Highest In 10 Months (07 hr(s), 14 min(s), 26 sec(s) ago)
(RTTNews) - The unemployment rate in Poland increased further in January to the highest level in n ...Full Story»

German Economy Shrinks On Weak Investment (08 hr(s), 01 min(s), 26 sec(s) ago)
(RTTNews) - The German economy contracted at the end of the year on weaker investment, revised dat ...Full Story»

German Business Confidence Improves Slightly - Ifo (08 hr(s), 18 min(s), 26 sec(s) ago)
(RTTNews) - Business confidence in Germany strengthened modestly in February due to less pessimism ...Full Story»

Hungary Jobless Rate Rises To 4.6% (08 hr(s), 44 min(s), 26 sec(s) ago)
(RTTNews) - Hungary's unemployment rate increased somewhat during the November-January period, ...Full Story»

Czech Economic Confidence Weakens To 8-Month Low (09 hr(s), 42 min(s), 26 sec(s) ago)
(RTTNews) - The Czech economic confidence index declined for the second straight month in February ...Full Story»

Malaysia Inflation Steady At 1.5% (10 hr(s), 11 min(s), 26 sec(s) ago)
(RTTNews) - Malaysia's consumer price inflation remained stable for the second straight month ...Full Story»

German GDP Contracts As Estimated In Q4 (10 hr(s), 39 min(s), 26 sec(s) ago)
(RTTNews) - The German economy contracted as estimated in the fourth quarter on weaker investment, ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

German Ifo Business Morale Rises Slightly

02/23/2024 - 06:48 AM (RTTNews)
(RTTNews) - Sentiment among German companies rose moderately in February due to less pessimism reg ...Full Story>>

Poland Jobless Rate Rises To 5.4%, Highest In 10 Months

02/23/2024 - 05:51 AM (RTTNews)
(RTTNews) - The unemployment rate in Poland increased further in January to the highest level in n ...Full Story>>

German Economy Shrinks On Weak Investment

02/23/2024 - 05:04 AM (RTTNews)
(RTTNews) - The German economy contracted at the end of the year on weaker investment, revised dat ...Full Story>>

German Business Confidence Improves Slightly - Ifo

02/23/2024 - 04:47 AM (RTTNews)
(RTTNews) - Business confidence in Germany strengthened modestly in February due to less pessimism ...Full Story>>

Hungary Jobless Rate Rises To 4.6%

02/23/2024 - 04:21 AM (RTTNews)
(RTTNews) - Hungary's unemployment rate increased somewhat during the November-January period, ...Full Story>>

Do not sell my personal information

Copyright © 2024. 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.