UK Services Growth Casts Doubt on BoE Rate Cut Prospects – PMI

Britain’s services sector grew more strongly than expected in September, a survey showed, adding to doubts about the need for a new Bank of England interest rate cut next month to cushion the Brexit vote impact.

The Markit/CIPS Purchasing Managers’ Index (PMI) for the dominant services sector slowed slightly to 52.6 in September from 52.9 in August, when it staged the biggest one-month gain in the survey’s 20-year history.

But the reading was comfortably higher than the median forecast of 52.0 in a Reuters poll of economists and Markit said the overall performance of the economy last month looked like it was the strongest since January.

Reuters

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