The U.K. service sector logged a further solid rate of expansion at the start of the year, underpinned by stronger inflows of new orders, survey figures from Markit Economics showed Wednesday.
The Chartered Institute of Procurement & Supply/Markit services Purchasing Managers’ Index rose marginally to 55.6 in January from 55.5 in December. Meanwhile, it was forecast to fall to 55.4.
Any reading above 50 indicates expansion in the sector.
New orders grew at the fastest pace in six months in January and remained stronger than the average pace since the survey started in July 1996.
Service providers raised their staffing levels during January. This contributed to an overall decline in outstanding business during the month,
On the price front, input prices rose at the weakest pace over the past six years. Meanwhile, selling price inflation accelerated to a six-month high.
At the same time, the longer-term outlook for business activity hit a three-year low in January.
The material has been provided by InstaForex Company – www.instaforex.com