UK Service Sector Recovers to Pre-crisis Level

Business activity in the U.K.’s service sector grew to its highest level seen since before the financial crash of 2008, according to a new report released on Tuesday.

The report by the Confederation of British Industry backs up official data from the Office for National Statistics on Friday which showed that the sector was just 0.2 percent below its peak level in the first quarter of 2008, demonstrating that almost all of the lost output in services during 2008 and 2009 has now been recovered.

“We’ve seen a further buildup of momentum in the service sector this quarter, with business and professional services firms in particular seeing a turnaround in their fortunes,” Stephen Gifford, CBI’s director of economics said in a press release.

“Confidence has risen strongly across the board, and the outlook is positive in the short-term.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza