logo
Plus   Neg
Share
Email

UK Services Growth Strongest In 4 Months

British service sector activity expanded at the fastest pace in four months in February, survey data from IHS Markit showed Monday.

The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, rose to 54.5 in February from 53.0 in January. Any reading above 50 indicates expansion in the sector.

The overall growth in February was driven by the sharpest rise in new work since May 2017, helped by the improving global economic backdrop.

Employment growth accelerated to a five-month high in February, driven by stronger than-expected sales growth and subsequent efforts to expand business capacity.

On the price front, input price inflation eased to its lowest since August 2016, despite higher staff salaries and transport costs. As a result, selling prices rose at the weakest rate for six months.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Follow RTT