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UK services growth picks up in January | UK services growth picks up in January |
(35 minutes later) | |
The UK's service sector expanded faster than expected in January after a relatively slow pace of growth in December, a survey has suggested. | The UK's service sector expanded faster than expected in January after a relatively slow pace of growth in December, a survey has suggested. |
The purchasing managers' index from Markit/CIPS rose to 57.2 in January compared with December's reading of 55.8, which was a 17-month low. | The purchasing managers' index from Markit/CIPS rose to 57.2 in January compared with December's reading of 55.8, which was a 17-month low. |
A figure above 50 indicates expansion. | A figure above 50 indicates expansion. |
Markit chief economist Chris Williamson said the survey indicates "a reassuringly robust start to the year for the UK economy". | Markit chief economist Chris Williamson said the survey indicates "a reassuringly robust start to the year for the UK economy". |
"The data will allay fears that the economy is slowing sharply, having merely seen growth cool during the winter to a more sustainable pace." | |
January 'rebound' | |
The services sector saw an "impressive rate" of jobs creation, at around 70,000 per month, Mr Williamson said. | The services sector saw an "impressive rate" of jobs creation, at around 70,000 per month, Mr Williamson said. |
Prices paid by services companies for goods and energy rose at the slowest pace since June 2009, Markit said. | Prices paid by services companies for goods and energy rose at the slowest pace since June 2009, Markit said. |
Sharp falls in the price of fuel - driven down by oil prices more than halving over the past six months - led to cuts in operating costs at many companies, it added. | Sharp falls in the price of fuel - driven down by oil prices more than halving over the past six months - led to cuts in operating costs at many companies, it added. |
Earlier this week, Markit's survey of UK manufacturing suggested that the sector grew slightly faster in January thanks in part to a modest recovery in export orders. | Earlier this week, Markit's survey of UK manufacturing suggested that the sector grew slightly faster in January thanks in part to a modest recovery in export orders. |
Meanwhile UK construction rebounded unexpectedly from a sharp downturn last month, boosted by a surge in housebuilding activity. | Meanwhile UK construction rebounded unexpectedly from a sharp downturn last month, boosted by a surge in housebuilding activity. |
"It's been a very good week for UK data so far, with all three PMI indices now showing a rebound from weakness in December," said David Tinsley, an economist at UBS. | |
He added the figures suggest that "if there is some cooling in the pace of UK growth it is really fairly marginal, and the economy is continuing to perform well". |