Relatively subdued confidence was linked to heightened economic uncertainty and ongoing pressure on margins from sharply rising input costs. The seasonally adjusted IHS Markit/CIPS UK Services PMI® Business Activity Index registered 53.8 in November, down from 55.6 in October, but above the 50.0 no-change value for the sixteenth consecutive month. The latest reading signalled a solid increase in service sector business activity, but the rate of expansion was slightly slower than seen on average in 2017 to date.
UK Services PMI fell to 53.8
November data pointed to a setback for the UK service sector, with business activity growth easing from the six-month peak seen in October. Volumes of new work also increased at a slower pace, while the rate of staff hiring was the joint-slowest since March. Service providers’ optimism regarding the year ahead outlook for business activity picked up slightly in November, but remained weaker than the trend seen through the first half of 2017.
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