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UK Services Sector Posts Three-Month High With Restrictions Eased

November 3, 2021 by Forex Winner Leave a Comment

UK Services Sector Posts Three-Month High with Restrictions Eased

Source: IHS Markit

Service providers in the United Kingdom posted a three-month high in terms of business activity growth in October, driven by the reopening of the economy and easing of restrictions. EWU is flat premarket.

  • The headline seasonally adjusted IHS Markit/CIPS UK Services PMI Business Activity Index stood at 59.1 in October, up from September’s 55.4.
  • The latest reading is the fastest growth recorded in three months since July.
  • Growth was attributed to the rising business and consumer spending during the month, as local and international restrictions were eased.
  • Strong demand was reported in the hospitality, leisure, and transportation sectors. Staffing was down in some firms as they were poached by competitors.
  • Operating expenses posted a steep growth during the month, with most of the firms reporting a rise in cost burdens mainly due to higher wages.
  • Higher expenses were also due to energy, fuel, raw materials, transport, and staff.

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