More positively, business expectations improved to the strongest since May 2016. The Index remained above 50.0 for the sixth consecutive month in January, indicating a continued recovery in growth following a contraction last July linked to the EU referendum. That said, the Index fell for the first time since September to 54.5, and signalled the weakest expansion in three months. The rate of growth was solid overall, but slightly weaker than Markit / CIPS UK Services PMI the 20-year long-run survey average.
UK Services PMI down to 54.5
The UK service sector continued to expand at the start of 2017, according to the latest PMI® survey from IHS Markit and CIPS. That said, the pace of growth in total business activity moderated for the first time in four months. New business and employment also increased at slower rates, and outstanding work fell slightly. Inflationary pressures remained intense, with input price inflation accelerating to the highest since March 2011 and charges rising at a rate unchanged from December’s 68-month record.
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