October 5th, 2013, 2:25 pm
The Markit/CIPS PMI (Purchasing Managers Index) for the services sector posted at 60.5 in August, compared to 60.2 in July.David Noble, CIPS CEO said:Quote Optimism abounds as the UK services sector, combined with manufacturing and construction, completes a glowing picture for the UK economy. Service providers reported the fastest growth since December 2006 and the sharpest rise of new business for over 16 years. As a result, confidence remains high, providing a platform for investment and expansion for the rest of the year. In contrast, employment was a little stilted, but burgeoning order books and the sharpest rise in backlogs since February 2000 means this should be of little immediate concern for an indicator which tends to lag, and we expect staff numbers to improve by the end of the year. Input costs have continued to climb in August, and firms sought to offset these with their own price increases reflecting positive business expectations and market optimism. Based on this set of data, we are anticipating the current sequence of UK service sector expansion to be extended over the coming months.Business activity across the private sector economy, dropped slightly in September to 60.4, but only marginally compared to the 60.6 August record high. Reference: "UK Economy Growing Fastest Among Developed Nations"
Last edited by
acuriousone on October 4th, 2013, 10:00 pm, edited 1 time in total.