UK services PMI grows the fastest since July, comes in at 55.9

FXStreet (Mumbai) – The Markit/CIPS UK services PMI for November came in at 55.9. It increased for the second month having recorded 54.9 in October. Today’s figures signalled the fastest rate of growth since July. Total activity in this sector was supported by a rise in incoming new work in November.
Although new business rose at a faster pace, the volume of work outstanding at service providers continued to grow only marginally, indicating a lack of pressure on operating capacity. This was despite a weaker rise in employment in the services sector.
Chris Williamson, Chief Economist at Markit observed “A welcome upturn in service sector expansion helped counter slower growth in manufacturing and construction in November, suggesting the UK continues to enjoy the ‘Goldilocks’ scenario of solid economic growth and low inflation.”

The Markit/CIPS UK services PMI for November came in at 55.9. It increased for the second month having recorded 54.9 in October. Today’s figures signalled the fastest rate of growth since July. Total activity in this sector was supported by a rise in incoming new work in November.

(Market News Provided by FXstreet)