investing.com - Service sector activity in the U.K. expanded at a faster rate than expected in January, growing at the strongest pace since September, industry data showed on Tuesday.
In a report, market research group Markit said the seasonally adjusted Markit/CIPS Services Purchasing Managers Index rose to 51.5 in January from a reading of 48.9 in December.
Analysts had expected the index to ease up to 49.8 last month.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
Despite reports that the heavy snow and severe weather had hampered activity during January, the impact was insufficient to prevent a modest rise in activity and new business following the declines registered in December.
Commenting on the report, Chris Williamson, Chief Economist at survey compilers Markit said, “A huge sigh of relief accompanies these numbers, as a return to growth of the service sector in January greatly reduces the likelihood of the UK falling back into a “triple-dip” recession.”
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD adding 0.24% to trade at 1.5801.
Meanwhile, European stock markets remained mostly higher. London’s FTSE 100 rose 0.4%, the EURO STOXX 50 climbed 0.45%, France's CAC 40 added 0.4%, while Germany's DAX was little changed.
No comments:
Post a Comment