PMI Indicates Services sector is Performing Well

The UK saw a good performance in the service sector last month, with the third quarter of the year (2013) seeing better performance compared to any quarter since 1997, as shown by the latest Markit/CIPS UK Services Purchasing Managers Index (PMI).

The data released last week indicates that the Business Activity Index was at 60.3, marginally below the mark of 60.5 seen the previous month, which was a higher level than witnessed for around seven years. The last nine months have seen continuous growth:

Last nine months have seen continuous growth.

According to the panelists who participated in the research, strengthening of business confidence ushered in an improvement and growth in the underlying market demand. As a result, clients are more likely to initiate new contracts.

"Businesses in the vast service sector reported an ongoing growth spurt in September, expanding at a rate just shy of August's recent high. The buoyant data follow similar upbeat surveys of the manufacturing and construction sectors, and collectively the surveys suggest the economy will have expanded by as much as 1.2% in the third quarter; its fastest growth rate since the pre-crisis days of 2007," commented Markit's Chris Williamson. Financial services, as well as the business sector, were leading growth, he said. Services of a consumer-facing nature are still struggling, which reflected "the ongoing squeeze on incomes due to weak pay growth and high inflation," as per the sources.

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Bombadier Gets TfL Contract Worth £88m

According to our sources, Transport for London (TfL) has hired Bombadier, the Derby-based train maker, to supply new carriages for its network of passenger trains. The contract is estimated at around £88 million and expires in the year 2015. It is expected that by the time Bombadier would have provided some 57 new units for the London Overground system.

This investment of TfL may help the struggling train maker boost its business. However, its ultimate effect on jobs at Litchurch Lane's production hub still remains unclear. About 1,200 members of staff were laid off last year. Whether the bid will result in more job cuts or not is yet to be seen.

 "London Overground has been a truly dazzling success and more and more Londoners are now using the vastly improved service. Not only will these new carriages help us meet passenger demand, but they will also support jobs and growth at their birthplace in Derby," said the mayor of London.

"The increased capacity is vital, London's population is expected to reach nine million by 2018 and the additional carriages will help London's transport network accommodate the new residents expected to move to the capital," said the acting director for London Rail, Jonathon Fox.

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Retailers Should Stick to the Promises of Supply Chain: NBA

The National Beef Association (NBA) is pressurising retailers to stick to the promises of supply chain so that there is no repeat of mis-selling meat products. To reinforce this, NBA has called upon major supermarkets and other retailers across the nation to pay their supplier right price for high provenance, UK-specific beef products. This move is expected to help retailers avoid the temptation of substituting it with horsemeat. It will also help rule out yet another a national (meat) scandal. Companies in Scotland have been challenged to make long-term commitments to domestic food producers as that will help these organisations improve transparency in their supply chain management jobs.

"Our very clear view is that unless Tesco, Asda, Sainsbury's and Morissons raise all their retail beef prices in line with the improving value of UK cattle it is inevitable that suppliers will make losses on their order,"  said Chris Mallon-  NBA national director.

"It is important to consumers that everyone involved in the supply of their UK beef is able to maintain their business without cutting unnecessary costs and are therefore able to continue to deliver the consumer's first choice product in future," added Mr.  Mallon.

This initiative has been spearheaded by the rural affairs secretary, Richard Lochhead who wants retailers to secure lengthy and lucrative deals and, in turn, ensure that producers receive a fair price. This will eventually ensure that everyone within the food industry enjoys the rewards of the hard work and effort invested in getting meat from field to plate.

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