The UK service sector continued to “expand strongly” in February, a survey has said, with job creation at its fastest pace for four months.
The Markit/CIPS Purchasing Managers’ Index (PMI) for the sector was 58.2 last month.
While this was below January’s reading of 58.3, it was well above the 50 level that indicates expansion.
The Markit survey also found that confidence in the economic outlook rose to its highest since September 2009.
Similar surveys of the manufacturing and construction sectors have also shown growth during February, but the service sector dominates the UK economy and is the key driver of economic expansion.
“Alongside vibrant growth in manufacturing and construction, the upbeat picture of the services economy points to the country enjoying another quarter of robust economic growth of approximately 0.7%,” said Chris Williamson, Markit’s chief economist.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.