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UK sees services sector growth recover

3 February 2011
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UK sees services sector growth recoverA sharp rise has been recorded in services sector growth in the UK, it has been reported.

The latest Purchasing Managers' Index (PMI) indicates firms in the industry recovered strongly from the snow and ice that swept Britain during January.

According to the figures from Markit and the CIPS, input cost inflation also rose sharply during the month in question.

The PMI activity index climbed from a 20-month low of 49.7 recorded in December 2010 to 54.5, with any figure above 50 indicative of growth.

Markit chief economist Chris Williamson stated: "The service sector rebounded in January as the country thawed out from the coldest December in a century."

However, he pointed out that expansion rates remain "modest" and below strong figures reported during the first half of 2010.

Services sector operations management professionals may also be interested to learn that Jonathan Loynes of Capital Economics recently stressed the importance of the industry to the country's recovery, as its comprises two-thirds of the economy.ADNFCR-3058-ID-800383519-ADNFCR
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