LONDON: British services purchasing managers’ index (PMI), a gauge measuring industry activity, rose to a four-month high of 55.9 in November from 54.9 in October, said data supplier Markit on Thursday.
According to the report, total activity was supported by a further increase in incoming new work in November. Matching the trend for output, the current sequence of new business growth now stretches to 35 months and the pace of expansion accelerated to a four-month high in the latest period.
Service providers remained optimistic, on average, that activity levels at their units would rise over the next 12 months. That said, the strength of sentiment was little-changed from October’s two-and-a-half year low.
“A welcome upturn in service sector expansion helped counter slower growth in manufacturing and construction in November, suggesting the British continue to enjoy the ‘Goldilocks’ scenario of solid economic growth and low inflation,” said Chris Williamson, chief economist at Markit.
“The services sector was at odds with the other sectors this month offering a positive contribution to Britain’s economy with the highest growth of new work and overall business activity since July this year, leaving September’s lows far behind,” commented David Noble, group chief executive officer at the Chartered Institute of Procurement & Supply.
