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Strong March performance by UK services sector

5 April 2011
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Strong March performance by UK services sectorThe UK's services sector saw activity increase at its strongest rate in 13 months during March 2011, new figures show.

According to the most recent Purchasing Managers' Index (PMI) for the industry, new business drove the expansion, with employment increasing for the first time in nine months.

Published by Markit and the CIPS, the seasonally-adjusted PMI stood at 57.1 for the month, up from 52.6 in February.

Commenting on the report, Markit senior economist Paul Smith said: "Services activity growth surprised well to the upside in March and points to the strongest expansion of the sector since the economy was surging out of its recession early last year."

However, cost pressures on the sector remain strong, while margins were squeezed, leading to only modest gains in charges.

Optimism relating to future growth dipped slightly month-on-month, despite higher sales and a rise in enquiries.

The UK's services sector accounts for an estimated three-quarters of total gross domestic product.ADNFCR-3058-ID-800487710-ADNFCR
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