UK Services Sector Saw Faster Growth In December
4th January 2018.
Britain’s services sector, including hotels and banks, grew at a faster rate than expected last month, setting the economy on course for its strongest quarter in 2017.
Despite economist’s expectations for a slowdown, IHS Markit / CIPS UK Services PMI showed a rating of 54.2 in December, compared to 53.8 the month before.
According to the IHS Markit chief economist, Chris Williamson, this had a positive effect on overall economic growth, making it the strongest quarter in the UK economy last year.
The services sector encompasses transport, communications, finance, business and personal services, computing and IT, and hotels and restaurants.
Kallum Pickering, senior UK economist at the City bank Berenberg, said the economy could have grown faster if it wasn’t for the continued negative effects caused by the Brexit vote in 2016.
“The uncertainty from Brexit prevented the UK from fully enjoying the tailwind from the synchronised global upswing,” he added.
Although the PMI figures do show a healthier economy, Brexit uncertainty is still having an impact on business communities.
According to the research, services firms have blamed Brexit for their clients’ reluctance to spend. The rate of employment growth also eased to a nine-month low.
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