Service sector growth continuesThe UK service sector continued to expand during November, supported by a further increase in new business, the latest CIPS/Markit business activity index reveals.
However, it said, growth rates were again subdued and other indicators from the survey pointed to sluggish growth ahead.
“Backlogs of work fell further as spare capacity persisted, while confidence remained well down compared to pre-recession levels. With margins also under pressure following another steep increase in input costs, staffing numbers were cut for a second successive month.”
After accounting for seasonal factors, the headline Markit/CIPS Business Activity Index recorded 53.0 in November, slightly down on October’s 53.2. By remaining above the 50.0 no-change mark, the latest data signalled that growth has now been registered for nineteen months.
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