UK Services Growth Strongest In 4 Months

Eileen GuzmanMar 06, 2018

Vietnam led the ASEAN manufacturing growth rankings for a second straight month during February as growth in its manufacturing sector picked up slightly to a ten-month high.

The Purchasing Managers' Index for services came in at 54.5 in the month, up from 53 in January and outstripping City of London expectations of a 53.3 reading.

Asia's third-largest economy grew at its sharpest annual rate in more than a year during the quarter to end-December, 7.2 percent, reclaiming its title of the world's fastest growing major economy.

The powerhouse services sector, which accounts for around 80% of United Kingdom economic growth, was bolstered by easing cost pressures and the fastest jump in new work since May previous year.

Growth in new export business registered its second-lowest pace in 15 months, but nearly twice as numerous managers polled still expected higher new export orders than expected a contraction.

Sterling was up 0.1% against the USA dollar to $1.381 shortly after the announcement.

Mr Williamson said that the surveys...

A lower Services PMI also outweighed an upturn in manufacturing production in February.

Howard Archer, EY ITEM Club's chief economic adviser, said: "A reasonably reassuring survey after a tepid January that points to the services sector performing pretty solidly".

However, firms remained confident towards output growth over the next 12-months as jobs growth quickened to the joint-fastest since June 2011.

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