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UK Services PMI at the highest level since July

Thursday, Dec 03 2015
UK service providers looked set to end 2015 on a positive note, according to the latest PMI survey data from Markit and CIPS. Growth of activity in the sector continued to pick-up from September’s 29-month low, and was the fastest since July. New business growth also strengthened to a four-month high. That said, other indicators were less buoyant, with employment growth slowing and backlogs rising only marginally. Moreover, the longer-term outlook for business activity was little changed from October’s two-and-a-half year low. Latest data also signalled that inflationary pressures remained relatively weak. 
 
The Business Activity Index signalled growth of service sector output in November, taking the current spell of expansion to one month short of three years. The Index rose for the second month running to 55.9, from 54.9 in October, signalling the fastest rate of growth since July. Analysts were predicting smaller increase to 55.1. The average for the fourth quarter so far matches that seen over the third quarter as a whole (55.4). In comparison, the Index has trended at 55.2 since its inception in July 1996. 
 
Sterling is currently being traded around 1.4920 area. Pair is likely to find support around 1.4850 handle and resistance above 1.4960 level. Later today, in the US session, Unemployment Claims and Non-Manufacturing PMI figures are scheduled for a release.
Last modified on Thursday, 03 December 2015
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