UK Services PMI at a 19-month low

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Tuesday, Jan 06 2015

UK Services PMI registered 55.8 in December, down from 58.6. Analysts were forecasting slight increase to 58.9. The latest reading was the lowest recorded for 19 months, amid some reports that insufficient unit capacity or lower enquiry levels compared to earlier in the year had weighed on the rate of activity growth.

Supporting the latest increase in activity was a further rise in volumes of new business. Growth has now been recorded continuously for two years. Despite a loss of momentum in December – the rate of expansion was the lowest for 20 months – new business growth remains well above trend. New contracts were won from both existing and new clients, with market conditions again reported to be favourable.

After the data Sterling further decreased and is currently being traded at 1.52 handle. Later today, in the US session ISM Services PMI figures are scheduled for a release.

More in this category: « Italian Services PMI down at 49.4 US Non-Manufacturing PMI dropped to 56.2 »

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