UK business activity growth picks up, but strong cost pressures persist

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Thursday, Jan 04 2018

UK business activity growth picks up, but strong cost pressures persist

December data indicated that business activity growth picked up across the UK service sector, but the latest survey also found softer rises in new work and employment numbers at the end of 2017. At the same time, service providers indicated another marked increase in their average prices charged, which was overwhelmingly linked to strong cost pressures. Survey respondents signalled the fastest rise in operating expenses for three months, reflecting higher transportation costs, staff salaries and utility bills in December.

The seasonally adjusted IHS Markit/CIPS UK Services PMI® Business Activity Index registered 54.2 in December, up from 53.8 in the previous month, to signal the second-fastest upturn in service sector output since April 2017. Higher levels of business activity have now been recorded for seventeen months running, supported by the resilient economic backdrop and rising consumer spending. However, service providers noted that Brexit-related uncertainty continued to hold back clients’ willingness to spend at the end of 2017.

More in this category: « China Services PMI at the highest level since August 2014 US private sector employment increased more than expected »

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