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Service sector ''sees stabilisation''

5 March 2010
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Service sector ''sees stabilisation''The service sector in the UK saw business volumes start to stabilise during the past three months.

A poll of 180 companies by the CBI showed that there was an improvement in the consumer services category - covering hotels, travel and leisure, bars and restaurants - where the balance for value of business rose to +10 per cent, its highest level since November 2007.

The CBI Service Sector Survey was carried out between January 27th and February 10th and discovered the business and professional services industries, such as legal, marketing and accountancy organisations, saw little change over the quarter.

Prices in consumer services rose during the period in question, largely due to the VAT hike at the start of the year, while profitability dipped slightly in the business and professional services sub-sector.

Ian McCafferty, chief economic adviser for the CBI, remarked: "Overall, these figures are consistent with our view that the economy is recovering slowly, but that we will have to wait a while before growth picks up."

Demand planning specialists may also be interested in the latest Nationwide Consumer Confidence Index, which indicated optimism among businesses increased by three points in January to 73.ADNFCR-3058-ID-19653981-ADNFCR
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