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November 5, 2009

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Services grow at faster pace in UK

THE United Kingdom services sector grew at a faster pace in October, continuing a six-month trend of rising optimism, the Chartered Institute of Purchasing and Supply said yesterday.

The survey was treated with some caution because recent results have been out of synch with official data confirming a continuing decline.

The CIPS/Markit Purchasing Managers Index for October was 56.9 points, up from 55.3 in September and above the long-term average for the series. The 50-point mark separates a rise in activity from a fall.

Paul Smith, economist at Markit Economics, said the index was consistent with quarterly growth of 1 percent at the start of the fourth quarter.

"Although services employment continues to fall at a historically marked pace, latest developments in output and demand auger well," Smith said.


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