Upturn continues in United Kingdom service sector despite subdued demand

Upturn continues in United Kingdom service sector despite subdued demand

Upturn continues in United Kingdom service sector despite subdued demand

But another economist, Paul Hollingsworth of Capital Economics, said the rise in September's services sector PMI would help to "assuage fears that the economy is losing momentum". Italy's economy slowed slightly, but maintained a "solid" level of expansion that has lasted for 16 months.

Markit's final composite PMI, which tracks the manufacturing and services sectors that account for more than two-thirds of the economy, rose to 57.7-its highest reading in nearly 6-1/2 years-from 55.8 in August. "Average prices charged for goods and services rose at the fastest rate for three years in September, though it's not yet clear how much of the rise reflected short-term hurricane effects".

However, economists are concerned that the new business component of the index slipped to 53.3, its lowest level since summer 2016 in the aftermath of the Brexit referendum.

IHS Markit's composite PMI for the Eurozone rose to a four-month high of 56.7 in September, driven by strong growth in Germany, Ireland, France and Spain. The infrastructure growth was 2.6 per cent in the previous month of July.

"Surging order book growth has encouraged manufacturers to take on extra staff at a rate never seen in the 20-year history of the PMI survey".

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The upturn in the eurozone economy continued to test capacity, leading to the sharpest increase in backlogs of work since February 2011.

Modest services activity, combined with a decline in construction and "robust" manufacturing, leaves the United Kingdom on course for "subdued" growth of 0.3% in the third quarter, according to IHS Markit. While the pace of economic growth remains modest, a buildup of inflationary pressures is raising concern at the central bank.

Although construction makes up just 6 percent of Britain's economy, the survey suggested it was likely to drag on official third-quarter growth figures, just as the Bank of England gets ready to raise interest rates.

Manufacturing activity in India expanded in September for the second month in a row, driven up by increase in output and new orders, even as their growth pace remained weak in the context of historical trend, a survey said on Tuesday. The pressure of Brexit and resulting uncertainty were at the heart of this indecision.

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