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Free AccessMNI DATA ANALYSIS: UK Services Sector Remains Robust In Sep
--IHS Markit/CIPS UK Services PMI 53.9 in September vs 54.3 in August
By Jai Lakhani
LONDON (MNI) - UK services sector activity slowed moderately in September
but remained robust, sitting above the 2018 average level, the IHS Markit/CIPS
survey released Wednesday showed.
The IHS Markit/CIPS UK Services Purchasing Managers' Index (PMI) fell 0.4
points to 53.9 in September from 54.3 in August, slightly below the MNI median
of 54.0. The rise marked the 26th successive month the headline index is above
the 50-mark, the line delineating between expansion and contraction.
--MIXED FORCES
The headline index was again underpinned by strong growth in both business
activity and incoming new work, albeit at a slower rate than in August.
Improving business conditions also underpinned employment growth, which
outperformed August, rising at the fastest pace in six months.
According to the IHS Markit/CIPS report, some survey respondents continued
to note Brexit concerns among clients, along with heightened economic
uncertainty as the key factors constraining growth.
In August, business confidence for the year ahead dropped to its lowest
level since March due to Brexit-related uncertainty. This uncertainty continued
to be a factor and resulted in tighter budget setting among clients despite
resilient demand.
--HIRING INTENTIONS UP
Job creation was the fastest since February, reflecting the need to meet
the increased demand. However, the continued tight labour market meant there was
difficulty filling vacancies, often pushing up starting salaries.
This also meant that backlogs of work increased for the fifth month in a
row as staff shortages led to stretched capacity. The backlogs were also helped
by a solid rise in new work.
--INPUT COST PRESSURES
As a result of ongoing hiring difficulties, salary payments rose in
September. This, combined with rising fuel prices, resulted in a sharp increase
in cost burdens across the sector. However, cost-pass through was limited due to
intense competitive pressures. This resulted in the prices charged by service
providers increasing at the slowest rate in just over one year.
--STEADY AS SHE GOES FOR Q3 GROWTH
"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," said Chris Williamson, Chief Business Economist at IHS Markit.
--MNI London Bureau; +44 203 865 3828; email: jai.lakhani@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MABDS$,M$B$$$,M$E$$$,MT$$$$]
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.