U.K. Services Activity Growth Remains Strong In November

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Thursday, Markit Economics reported that the U.K. CIPS / Markit Services Purchasing Managers' Index stood at a seasonally adjusted 56.6 in November, down from 56.9 in the previous month. A reading above 50 indicates expansion, while one below 50 suggests contraction. This marks the seventh straight month in which the services PMI has come in above the neutral 50-level.

Supporting the rise in overall activity was the strongest increase in incoming new business since September 2007. Panelists cited this on much improved market conditions, and also pointed out that previously delayed projects were coming on-line.

Despite the robust growth in activity, employment levels were reduced again, stretching the current job shedding sequence to nineteen months. Respondents blamed restructuring efforts for the latest round of job cuts. Further, input costs faced by service providers increased at its most marked rate since October 2008, while output prices were slashed again as competitive pressures remained high.

Thursday, Markit Economics reported that the U.K. CIPS / Markit Services Purchasing Managers' Index stood at a seasonally adjusted 56.6 in November, down from 56.9 in the previous month. A reading above 50 indicates expansion, while one below 50 suggests contraction. This marks the seventh straight month in which the services PMI has come in above the neutral 50-level. (Market News Provided by RTTNews)