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UK Service Sector Growth Eases to 62.6

April 5, 2022 by Forex Winner Leave a Comment

Service Sector Growth

Source: Markit Economics

The United Kingdom’s service sector expanded for the third straight month in March, indicating a continued rebound after the slowdowns seen due to the COVID-19 Omicron variant. EWU is up 0.03% premarket.

  • The seasonally adjusted S&P Global / CIPS UK Services PMI Business Activity Index jumped to 62.6 in March from 60.5 in the previous month.
  • The growth rate was the second-fastest recorded since May 1997, following the post-lockdown rebound seen in May 2021.
  • New work increased, with more than double the respondents recording growth in new orders versus those that reported a contraction.
  • Employment recorded its biggest growth since October 2021, with respondents suggesting tight labor market conditions indicating vacancies.
  • Some 40% of respondents reported higher average prices, bringing the prices charged index posting the fastest growth since July 1966.
  • Expectations declined, dragged by budgetary constraints and uncertainties due to the ongoing tensions between Russia and Ukraine.

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