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UK services growth coming off the boil but still healthy

06 Nov 2014

Yesterday's release of the Markit/CIPS UK Services PMI (Purchasing Managers' Index) shows growth slowing to a 17-month low. However, the October reading of 56.2 (compared to September's reading of 58.7) is still well above the neutral rate of 50.0

The release also showed that employment had its sharpest rise in three months - indicating that companies maintain confidence in the near term - and also that new business growth had its twenty second consecutive monthly increase in new incoming work

The growth slowdown comes amid a period of heightened uncertainty about the global growth outlook, and slow Eurozone growth in particular, and probably adds further weight to keeping interest rates low for longer. Yesterday's release of the equivalent manufacturing data painted a similar picture of subdued external demand (see here), whilst domestic demand has simultaneously accelerated

The Markit/CIPS PMI series are renowned to be accurate predictors of demand - see the full services release here

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