Activity in the UK’s dominant services sector grew at its fastest rate for a year in November, a leading survey has indicated, helping to alleviate fears that the economy may be slowing.
The closely watched Markit/CIPS services purchasing managers’ index (PMI) rose to 58.6 in November, up from 56.2 in October.
A reading on the index above 50 indicates expansion in the sector.
The services sector has now been showing growth for nearly two years.
It comes as a similar survey covering the eurozone showed service sector growth in the bloc slowed in November. Markit’s eurozone services PMI fell to to 51.1 in the month from 52.3 in October.
The data, taken together with construction and manufacturing output in the currency union, points to economic growth in the eurozone of just 0.1% in the final quarter of the year, Markit added.
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.