UK Service Grew Above Expectations in November

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.

via BBC

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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
Alfonso Esparza

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