UK Services Growth Strongest In 4 Months


The Purchasing Managers Index for Poland in February has decreased to 53.7 points, from 54.6 points in January.

Any reading above 50 indicates growth in the sector. Meanwhile, economists had expected the index to remain stable at 55.1.

Japan's gross domestic product has expanded for the past eight quarters, the strongest run of growth since the 1980s bubble economy, but a recent large drop in industrial production has raised some questions about how strong the economy will grow in the future.

It follows disappointing February PMI readings for construction and manufacturing last week, but services account for nearly 80 per cent of output, meaning it is the most significant indicator of the three.

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The powerhouse services sector, which accounts for around 80% of United Kingdom economic growth, was bolstered by easing cost pressures and the fastest jump in new work since May previous year. Against the euro, the pound was 0.2% higher at 1.121. The softer rise in new work translated into the slowest gain in manufacturing output in four months in February.

A lower Services PMI also outweighed an upturn in manufacturing production in February.

On the price front, input price inflation eased to its lowest since August 2016, despite higher staff salaries and transport costs.

Howard Archer, EY ITEM Club's chief economic adviser, said: "A reasonably reassuring survey after a tepid January that points to the services sector performing pretty solidly".

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