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UK recovery 'losing legs' as service sector grows at slowest pace in three months | |
(35 minutes later) | |
Britain's economic recovery is “losing its legs” according to the latest snapshot of the dominant services sector. | Britain's economic recovery is “losing its legs” according to the latest snapshot of the dominant services sector. |
The Markit/CIPS Purchasing Managers’ Index declined to 58.7 in September, down from 60.5 in August and below City analysts’ expectations. | The Markit/CIPS Purchasing Managers’ Index declined to 58.7 in September, down from 60.5 in August and below City analysts’ expectations. |
Activity is still above the 50 mark that signals growth, but economists said there were clear signs of a slowdown. | Activity is still above the 50 mark that signals growth, but economists said there were clear signs of a slowdown. |
“September’s PMI surveys suggest that the UK most likely enjoyed another spell of above-trend economic growth in the third quarter, but the recovery appears to be losing its legs,” said Markit’s Chris Williamson. | “September’s PMI surveys suggest that the UK most likely enjoyed another spell of above-trend economic growth in the third quarter, but the recovery appears to be losing its legs,” said Markit’s Chris Williamson. |
He added that the full range of PMI surveys — which include manufacturing and construction — are now signalling a slight decline in growth from the 0.9 per cent GDP growth reported for the second quarter. | He added that the full range of PMI surveys — which include manufacturing and construction — are now signalling a slight decline in growth from the 0.9 per cent GDP growth reported for the second quarter. |
A fifth of the respondents to the services survey recorded a rise in their payroll numbers, suggesting that employment is continuing to rise. | A fifth of the respondents to the services survey recorded a rise in their payroll numbers, suggesting that employment is continuing to rise. |
There was also the sharpest increase in the inflation rate for four months for services firms, which account for around three quarters of national output. | There was also the sharpest increase in the inflation rate for four months for services firms, which account for around three quarters of national output. |
There was also disappointing news from eurozone services activity surveys today with the relevant PMI index for the single-currency bloc declining to a six-month low of 52.4 in September, down from 53.1 in August. | There was also disappointing news from eurozone services activity surveys today with the relevant PMI index for the single-currency bloc declining to a six-month low of 52.4 in September, down from 53.1 in August. |
The index in France fell to 48.4 signalling a contraction in the month. In Italy, which is in recession again, it dipped further into negative territory with a reading of 48.8. | The index in France fell to 48.4 signalling a contraction in the month. In Italy, which is in recession again, it dipped further into negative territory with a reading of 48.8. |
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