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UK services sector continues to expand in October

3 November 2011
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UK services sector continues to expand in OctoberFurther growth has been reported in the British services sector, new data has indicated.

This is according to the latest Purchasing Managers' Index (PMI) for the industry, which climbed for the tenth month in a row during October this year.

Individuals concerned with continuous improvement in the services sector are advised the measure rose at a "modest rate" over the month as the pace of incoming new business expansion slowed.

Compiled by Markit and the CIPS, the figures show that confidence about future conditions increased over October 2011 to its highest level since May, while the business activity index dipped from 52.9 in September to 51.3 last month.

Manufacturing management specialists are advised that a downward trend in input cost inflation continued over the period in question and output charges fell.

Markit chief economist Chris Williamson remarked: "The sector made a strong contribution to economic growth in the third quarter, but this looks set to wane in the final quarter of the year."

In related news, latest data from the Office for National Statistics indicated that the rate of growth in the UK economy was sharper than predicted at 0.5 per cent in the quarter to September 2011, with expansion driven by the services sector.ADNFCR-3058-ID-800785443-ADNFCR
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