Service Sector Growth Slips to 11-month Low...

According to the latest Markit/CIPS PMI survey, Service sector growth slips to 11-month low (Source: Markit/CIPS, 5th September 2017)

"Duncan Brock, Director of Customer Relationships at the Chartered Institute of Procurement & Supply, said: “A slowdown month as the services sector comes off the boil, challenged by a general unwillingness to spend and invest, alongside fragility in confidence amongst consumers as a result of Brexit."

Chris Williamson, Chief Business Economist at IHS Markit, which compiles the survey: “A summer slowdown was evident in the economy as the August PMI surveys showed slower rates of expansion in services and construction offsetting an improved performance in the manufacturing sector. The resulting overall expansion was the weakest for six months.

Key Indicators show:

- Weakest rise in business activity since September 2016
- Input cost pressures pick up in August
- Job creation strengthens to 19-month high

UK service providers recorded solid rises in business activity and incoming new work during August, but rates of growth eased since July and remained notably weaker than seen on average in the first half of 2017.

The latest survey also pointed to stronger cost pressures across the service sector, with the rate of input price inflation the fastest since February. Higher staff costs, fuel bills and prices for imported items contributed to another solid increase in average prices charged by service providers in August.

At 53.2 in August, the headline seasonally adjusted IHS Markit/CIPS Services PMI® Business Activity Index registered above the 50.0 nochange value for the thirteenth consecutive month. However, the index dropped from 53.8 in July and signalled the slowest pace of business activity expansion since September 2016.

See the full article from Markit/CIPS, 5th August 2017.


 
08.09.2017

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