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UK Services PMI fell to lowest level since May 2013

Thursday, Sep 03 2015
UK Services PMI fell for the second month running in August, from 57.4 in July to 55.6. Analysts were forecasting increase to 57.6. The latest figure remained above the long-run survey average of 55.2, but signalled the weakest rate of expansion since May 2013. On a quarterly basis, data for July and August point to the slowest rate of growth since the second quarter of 2013. Business activity has nonetheless risen for 32 consecutive months, the second-longest sequence of growth since the survey started in July 1996. 
 
Growth of business activity moderated for the second month running, primarily as a result of the slowest increase in new business since April 2013. Growth remained strong overall, however, and was broadly consistent with the long-run survey average. Firms raised headcounts at a faster rate than July’s recent low, albeit one that remained slower than those registered during the first half of 2015. Inflationary pressure on input costs eased further, and firms’ charges rose only marginally.  
 
Sterling is currently being traded few points above 1.5250 area. Pair is likely to find support around 1.52 handle and resistance above 1.5320 level. Later today, in the US session, Trade Balance and Unemployment Claims figures are scheduled for a release.
More in this category: « Spanish and Italian services sector stable in August Unemployment Claims rose to 282,000 »

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