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U.K. Services PMI rose more than expected

Tuesday, Apr 07 2015
U.K. Services PMI rose to 58.9 in March, from 56.7 in February, indicating a marked pace of expansion that was the fastest since August 2014. Analysts were anticipating incline to 57.1. Over the first quarter of 2015 as a whole the Index averaged 57.6, a better outcome than the 56.9 posted in Q4 2014, the lowest of any quarter since Q2 2013. A flood of confidence emanated this month as business optimism and activity remained high and the sector established itself on a robust path to sustainable success. 
 
Though the rate of increase in levels of employment was not as high as at the beginning of the year, the continuous 27-month rise in employment opportunities will please job seekers. Skills shortages, however, were still in evidence and the demand for higher salaries from skilled staff impacted on input costs for businesses. They were also subjected to higher charges levied by suppliers where previously they had enjoyed respite with lower energy prices contributing to lower overall costs. 
 
Despite the figures, Sterling was pushed lower and is currently being traded few points above 1.4870 level. Pair is likely to find support around 1.4830  and resistance above 1.4930 area. Later today, in the US session, JOLTS Job Openings figures are scheduled for a release.
More in this category: « Spanish and Italian Services PMI both rose in March 5.1 million job openings in February »

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