Details from the April 2017 UK Markit/CIPS services PMI data report 4 May 2017
Prior 55.0
New orders 57.5 vs 56.6 prior
Composite 56.2 vs 54.5 exp. Prior 54.9. Revised to 54.8
New orders 58.0 vs 56.6 prior
That's the set complete. 3 PMI's, 3 winners. The quid isn't doing an awful lot despite the rise in the biggest sector for the economy. It looks like there bigger fish being fried in markets right now.
New orders and employment running at the fastest pace this year. Inflation is still strengthening with input costs posting the biggest rise since Jul 2008.
"The UK's biggest sector started Q2 in stellar fashion with the strongest performance so far this year and with new business growth riding high.
A supportive economic backdrop helped to boost the UK service sector, with resilient demand reported both at home and from abroad. Going full steam ahead with staff hires rising at one of the fastest rates since last summer, this relieved capacity pressures and provides a signal that service providers anticipate additional growth in the coming months.
The driver of growth came primarily from business clients, as consumers took a back seat, uneasy about rising costs for essentials such as food, fuel and energy which rose at the fastest rate since July 2008. As prices and supply chain pressures will be the focus for business in the coming months, it is the consumer who will make or break the sector's progress if the political headwinds are favourable, disposable incomes improve and the pound's lacklustre performance improves." - Duncan Brock at CIPS
UK services PMI
