–UK Sep CIPS Manufacturing PMI 52.8 Vs 51.3 In Aug – Markit/Reuters
LONDON (MNI) – The pace of growth in UK service sector picked up
unexpectedly in September, but Q3 growth was at its lowest level since
the second quarter of 2009, the latest Markit/Chartered Institute of
Purchasing and Supply survey, published by Reuters, showed.
The PMI services activity index rose to 52.8 in September from 51.3
in August, well above analysts’ median forecast for a 51.0 outturn and
reversing the run of three monthly declines in the rate of services
growth.
The Markit/CIPS report, however, highlighted the weakness of
service sector growth, with the data supporting the view Q3 GDP growth
is likely to be well below Q2 growth, with CIPS Q3 services growth at
its lowest level for a year and a quarter.
Chris Williamson, chief economist at Market, highlighted the
further slowing in new business growth, which has fallen back to close
the 50 contraction/expansion level.
“Of greatest concern, new business growth slowed closer to
stagnation and confidence for the year ahead remained at a level only
reached at times of extreme stress. Unless trends in new business show
an improvement soon, the lack of confidence is consistent with a
downturn in business activity in the coming months,” Williamson said.
–London newsroom 0044 207 862 7491; email:drobinson@marketnews.com
[TOPICS: M$B$$$,M$BDS$,MT$$$$,MABDS$]
