UK Service Sector Expands Further In October

(RTTNews) - UK’s CIPS/Markit Purchasing Managers’ Index for the service sector rose to 56.9 in October from 55.3 in September, a monthly survey from the Markit Economics showed Wednesday. The index stood above the long-term series average and the expected 55.5.

A reading above 50 suggests expansion in the service sector, while a reading below 50 indicates contraction. In October, growth of activity and new business reached the highest in over two years.

David Noble, Chief Executive Officer at the Chartered Institute of Purchasing & Supply said, “The service sector is pulling the UK economy out of recession as its own recovery accelerates. Not only have we seen the sector expand for six consecutive months, but the latest growth was the strongest recorded in over two years.”

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