“Surprisingly Buoyant” UK Service Sector in December
Activity in the UK service sector grew in December at its fastest rate since July, according to the latest purchasing managers’ index (PMI).
The PMI for December was 54.0, up from 52.1 in November. Any figure over 50 indicates that the sector is growing.
But confidence about the future remains subdued, with business expectations matching September’s two-and-a-half year low.
Chris Williamson, the report’s author described conditions as “surprisingly buoyant” and went on to say:
“The December survey rounds off a reasonable fourth quarter for the service sector, which is likely to again provide the main stimulus to overall economic growth.”
The service sector accounts for more than 70% of the UK’s economic output.