Financial News: UK Services Growth Gathers Pace In August

UK Services Growth Gathers Pace In August

09/04/2024 - 05:11:00 (RTTNews)

(RTTNews) - The UK service sector activity expanded at the fastest pace in four months as the post-election upturn in business activity and new work was sustained in August along with easing inflationary pressures, final survey data from S&P Global showed on Wednesday.

The S&P Global Services Purchasing Managers' Index rose to 53.7 in August from 52.5 in the previous month. The flash score was 53.3.

The rising business activity in August was largely attributed to a better economic backdrop and an associated rise in willingness-to-spend, the survey said.

The growth in new business was only fractionally lower than the 14-month high seen in July, indicating a strong recovery in demand conditions after the soft patch in the run-up to the general election.

Meanwhile, export demand was relatively subdued in August as sales to EU clients were weakening amid Brexit-related trade difficulties.

Employment across the service sector grew for the eighth successive month, led by rising workloads and long-term expansion plans.

On the price front, input price inflation eased to the lowest level since early 2021, and the selling price inflation dropped to a three-and-a-half year low in August.

Looking ahead, British service providers remained confident about business activity expectations for the year ahead on the back of a favorable economic outlook. However, the degree of confidence moderated on elevated business uncertainty ahead of the Autumn Budget.

The composite output index rose to 53.8 in August from 52.8 in July, signaling the fastest expansion of private sector business activity in four months.

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