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Service sector ends 2023 ‘on a high’

by LLB Finance Reporter
4th Jan 24 11:21 am

In the six months to December Britain’s service sector grew at its fastest rate and the S&P Global/CIPS UK services PMI survey revealed a reading of 53.4 in the month compared with 50,9 in November.

Restaurants and pubs to healthcare and financial firms had higher levels of demand and the festive period was busier and growth accelerated at its fastest pace since June 2023.

Tim Moore, the economics director at S&P Global Market Intelligence, said the sector ended the year “on a high.”

“The recovery in client demand was attributed to hopes of lower borrowing costs and an improving global economic backdrop in 2024,” he said.

“However, many firms continued to cite challenging underlying business conditions due to the stagnating UK economy and strong pressure on margins from rising labour costs.”

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