UK services PMI eases to 53.9 in September

Dhwani Mehta FXStreet

The services sector activity in the UK economy stalled its rebound and eased slightly in the month of September, but almost in line with the consensus forecast, a fresh report from Markit Economics showed on Wednesday.

The services PMI dropped to 53.9 in September versus a 54.3 reading booked in August. Markets predicted 54.0 last month.

Key Points:

Job creation edges up to seven-month high.

Higher fuel prices lead to sharp rise in input costs.

Chris Williamson, Chief Business Economist at IHS Markit, which compiles the survey:

“The service sector continued to report solid steady business growth in September which, alongside news of sustained expansions in both manufacturing and construction, suggests the UK economy expanded by just under 0.4% in the third quarter.”

“The data therefore add to signs that the economy has enjoyed robust growth since the rocky start to the year when extreme weather disrupted business.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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