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| UK services growth slows to 17-month low in October | |
| (35 minutes later) | |
| UK services growth slowed to a 17-month low in October after fears over the strength of the economy hit confidence. | UK services growth slowed to a 17-month low in October after fears over the strength of the economy hit confidence. |
| The purchasing managers' index from Markit/CIPS fell by more than expected to 56.2 from 58.7 in September. | The purchasing managers' index from Markit/CIPS fell by more than expected to 56.2 from 58.7 in September. |
| A figure above 50 still indicates expansion, but Markit chief economist Chris Williamson said the slowdown eased pressure to raise interest rates. | A figure above 50 still indicates expansion, but Markit chief economist Chris Williamson said the slowdown eased pressure to raise interest rates. |
| "[It] knocks the prospect of interest rate hikes firmly on the head," he said. | "[It] knocks the prospect of interest rate hikes firmly on the head," he said. |
| The closely-watched survey follows separate PMI surveys for October showing growth in UK construction has slipped to a five-month low, while growth in the manufacturing sector was also slower than the same month last year. | The closely-watched survey follows separate PMI surveys for October showing growth in UK construction has slipped to a five-month low, while growth in the manufacturing sector was also slower than the same month last year. |
| Markit's composite PMI, a broader gauge of the economy that combines services, manufacturing and construction industries, fell to 56.4 from 58.1, its lowest level since June 2013. | Markit's composite PMI, a broader gauge of the economy that combines services, manufacturing and construction industries, fell to 56.4 from 58.1, its lowest level since June 2013. |
| Mr Williamson said the latest surveys added to "an increasingly downbeat flow of economic data" which had "thrown a cloud of uncertainty over the outlook". | Mr Williamson said the latest surveys added to "an increasingly downbeat flow of economic data" which had "thrown a cloud of uncertainty over the outlook". |
| "The surveys therefore suggest that the Bank of England will wait to gauge the full extent of the slowdown before making any decisions on policy," he added. | "The surveys therefore suggest that the Bank of England will wait to gauge the full extent of the slowdown before making any decisions on policy," he added. |
| The Bank of England will announce its latest decision on interest rates on Thursday. | The Bank of England will announce its latest decision on interest rates on Thursday. |
| It is expected to keep rates at their current record low of 0.5%, and most economists expect them to stay at this level until the middle of next year. | It is expected to keep rates at their current record low of 0.5%, and most economists expect them to stay at this level until the middle of next year. |