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Service sector reports strong growth
The UK service sector grew stronger than expected in October, according to the purchasing managers' index (PMI) produced by data services company Markit.
The PMI revealed that activity at UK service sector companies rose to 53.2 last month, up from 52.8 in September. Expectations for this month had been of a fall to 52.5.
This figure means that PMI services index registered its highest level since June. Any level above 50 indicates expansion of the sector.
"October's survey suggests a modest improvement in service sector growth. The latest data suggest that the sector is set to make a below par contribution to GDP in the coming months," said Markit's senior economist, Paul Smith.
Post Date: November 3rd, 2010
The PMI revealed that activity at UK service sector companies rose to 53.2 last month, up from 52.8 in September. Expectations for this month had been of a fall to 52.5.
This figure means that PMI services index registered its highest level since June. Any level above 50 indicates expansion of the sector.
"October's survey suggests a modest improvement in service sector growth. The latest data suggest that the sector is set to make a below par contribution to GDP in the coming months," said Markit's senior economist, Paul Smith.
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Post Date: November 3rd, 2010
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