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| UK services growth picks up in January | UK services growth picks up in January |
| (35 minutes later) | |
| The UK's service sector expanded faster than expected in January after a relatively slow pace of growth in December, a survey has suggested. | The UK's service sector expanded faster than expected in January after a relatively slow pace of growth in December, a survey has suggested. |
| The purchasing managers' index from Markit/CIPS rose to 57.2 in January compared with December's reading of 55.8, which was a 17-month low. | The purchasing managers' index from Markit/CIPS rose to 57.2 in January compared with December's reading of 55.8, which was a 17-month low. |
| A figure above 50 indicates expansion. | A figure above 50 indicates expansion. |
| Markit chief economist Chris Williamson said the survey indicates "a reassuringly robust start to the year for the UK economy". | Markit chief economist Chris Williamson said the survey indicates "a reassuringly robust start to the year for the UK economy". |
| "The data will allay fears that the economy is slowing sharply, having merely seen growth cool during the winter to a more sustainable pace," he said. | |
| The services sector saw an "impressive rate" of jobs creation, at around 70,000 per month, Mr Williamson said. | |
| Prices paid by services companies for goods and energy rose at the slowest pace since June 2009, Markit said. | |
| Sharp falls in the price of fuel - driven down by oil prices more than halving over the past six months - led to cuts in operating costs at many companies, it added. | |
| Earlier this week, Markit's survey of UK manufacturing suggested that the sector grew slightly faster in January thanks in part to a modest recovery in export orders. | |
| Meanwhile UK construction rebounded unexpectedly from a sharp downturn last month, boosted by a surge in housebuilding activity. |