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Services sector continues to stabilise

8 June 2010
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Services sector continues to stabiliseThe UK''s services sector saw its growth stabilise during May this year, a new report has indicated.

According to the latest purchasing managers'' index (PMI) for the industry, it held steady at 55.4 over the month, compared with 55.3 in April 2010.

Services growth has remained above the 50 mark that denotes expansion for 13 months and levels of new business have been increasing recently.

However, the data from Markit and the CIPS show the index was at its weakest level for nine months in May, with companies reducing hiring in order to cut costs.

"Worries are likely to be exacerbated by expected fiscal tightening in the coming months, though austerity measures could help to dampen inflationary pressures," Markit senior economist Paul Smith predicted.

As the future for the services sector remains uncertain, individuals may wish to consider taking a CPIM exam or an APICS qualification, particularly as rating agency Fitch recently issued a warning about the "formidable fiscal challenge" facing the UK in reducing its budget deficit.ADNFCR-3058-ID-19825586-ADNFCR
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