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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