Fragile sentiment regarding the year ahead business outlook was linked to entrenched economic uncertainty and worries about business investment among clients. At 55.6 in October, up from 53.6 in September, the headline seasonally adjusted IHS Markit/CIPS Services PMI Business Activity Index signalled a shift in momentum across the services economy. The latest reading was slightly stronger than the post-crisis trend and signalled the fastest pace of business activity growth for six months.
UK Services PMI increased to 55.6
UK service providers indicated that business activity growth improved on its recent underwhelming trend in October. The latest expansion of service sector output was the fastest since April, supported by improved order books and resilient client demand. Service providers also revealed a positive development in terms of operating expenses as the rate of input cost inflation eased to its lowest since September 2016. However, the rate of job creation slipped to a seven-month low and confidence towards growth prospects remained muted.
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